                                 CODE OF VIRGINIA

REGISTRATION OF TIME-SHARE PROGRAM REQUIRED (§ 55.1-2238)

A. A developer may not offer or dispose of any interest in a time-share program
unless the time-share program has been properly registered with the Board. A
developer may accept a nonbinding reservation together with a deposit if the
deposit is placed in an escrow account with an institution having trust powers
within the Commonwealth and is refundable at any time at the purchaser&#8217;s
option. In all cases, the reservation shall require a subsequent affirmative act
by the purchaser via a separate instrument to create a binding obligation. A
developer may not dispose of or transfer a time-share while an order revoking or
suspending the registration of the time-share program is in effect.

B. The developer shall maintain records of names and addresses of current
independent contractors employed by it for time-share sales purposes.

HISTORY: 1981, c. 462, § 55-390; 1983, c. 59; 1985, c. 517; 1994, c. 580; 2019,
c. 712; 2020, c. 1011.