                                 CODE OF VIRGINIA

REGISTRATION REQUIRED FOR TIME-SHARE RESELLERS; EXEMPTIONS; PROHIBITED PRACTICES
(§ 55.1-2244)

A. A reseller shall not provide or offer to provide any resale service unless he
is registered with the Board.

B. The application for registration shall be filed in a form prescribed by the
Board&#8217;s regulations and shall include such information as required by the
Board. A reseller shall immediately report to the Board any material changes in
the information contained in an application for registration. The Board may by
regulation establish reasonable fees for registration under this section. All
fees shall be remitted by the Board to the Treasurer of Virginia, and shall be
placed to the credit of the Common Interest Community Management Information
Fund established pursuant to &#xA7; 54.1-2354.2.

C. The registration requirements shall not apply to:

   1. A person who solely or with affiliates engages in a resale service with
   respect to an aggregate of no more than 12 resale time-shares per calendar
   year;

   2. A person who owns or acquires more than 12 resale time-shares and who
   subsequently transfers all such resale time-shares to a single purchaser in a
   single transaction;

   3. The owner, its agents, and employees of a regularly published newspaper,
   magazine, or other periodical publication of general circulation; broadcast
   station; website; or billboard, to the extent their activities are limited to
   solicitation and publication of advertisements and the transmission of
   responses to the persons who place the advertisements. Any person who would
   otherwise be exempt from this chapter pursuant to this section shall not be
   exempt if the person (i) solicits the placement of the advertisement by
   representing that the advertisement will generate cash, a certain price, or a
   similar type of representation for the time-share owner&#8217;s resale
   time-share; (ii) makes a recommendation as to the sales price for which to
   advertise the resale time-share; (iii) makes any representations to the person
   placing the advertisement regarding the success rate for selling resale
   time-shares advertised with such person; or (iv) makes any misrepresentations
   as described in this chapter;

   4. Sale by a developer or a party acting on its behalf of a resale time-share
   under a current registration of the time-share program in which the resale
   time-share is included;

   5. Sale by an association, a managing entity, or a party acting on its behalf
   of a resale time-share owned by the association, provided that the sale is in
   compliance with subsection C of &#xA7; 55.1-2228; or

   6. Attorneys, title agents, title companies, or escrow companies providing
   closing services in connection with the transfer of a resale time-share.

D. No reseller shall:

   1. Fail to disclose information in writing concerning the marketing, sale, or
   transfer of resale time-shares required by this chapter prior to accepting any
   consideration or with the expectation of receiving consideration from any
   time-share owner, seller, or buyer.

   2. Make false or misleading statements concerning offers to buy or rent; the
   value, pricing, timing, or availability of resale time-shares; or numbers of
   sellers, renters, or buyers when engaged in time-share resale activities.

   3. Misrepresent the likelihood of selling a resale time-share interest.

   4. Misrepresent the method by or source from which the reseller or lead dealer
   obtained the contact information of any time-share owner.

   5. Misrepresent price or value increases or decreases, assessments, special
   assessments, maintenance fees, or taxes.

   6. Guarantee sales or rentals in order to obtain money or property.

   7. Make false or misleading statements concerning the identity of the reseller
   or any of its affiliates or the time-share resale entity&#8217;s or any of its
   affiliate&#8217;s experience, performance, guarantees, services, fees, or
   commissions, availability of refunds, length of time in business, or
   endorsements by or affiliations with developers, management companies, or any
   other third parties.

   8. Misrepresent whether or not the reseller or its affiliates, employees, or
   agents hold, in any state or jurisdiction, a current real estate sales or
   broker&#8217;s license or other government-required license.

   9. Misrepresent how funds will be utilized in any time-share resale activity
   conducted by the reseller.

   10. Misrepresent that the reseller or its affiliates, employees, or agents
   have specialized education, professional affiliations, expertise, licenses,
   certifications, or other specialized knowledge or qualifications.

   11. Make false or misleading statements concerning the conditions under which
   a time-share owner, seller, or buyer may exchange or occupy the resale
   time-share interest.

   12. Represent that any gift, prize, membership, or other benefit or service
   will be provided to any time-share owner, seller, or buyer without providing
   such gift, prize, membership, or other benefit or service in the manner
   represented.

   13. Misrepresent the nature of any resale time-share interest or the related
   time-share plan.

   14. Misrepresent the amount of the proceeds, or fail to pay the proceeds, of
   any rental or sale of a resale time-share interest as offered by a potential
   renter or buyer to the time-share owner who made such resale time-share
   interest available for rental or sale through the reseller.

   15. Fail to transfer any resale time-share interests as represented and
   required by this chapter or to provide written evidence to the time-share
   owner of the recording or transfer of such time-share owner&#8217;s resale
   time-share interest as required by this chapter.

   16. Fail to pay any annual assessments, special assessments, personal property
   or real estate taxes, or other fees relating to an owner&#8217;s resale
   time-share interest as represented or required by this chapter.

   17. Misrepresent or misuse the intended purpose of a power of attorney or
   similar document to the detriment of any grantor of such power of attorney.

HISTORY: 2012, c. 751, § 55-394.3; 2019, c. 712.