18 Va. Admin. Code § 48-45-120

Current through Register Vol. 41, No. 6, November 4, 2024

Section 18VAC48-45-120 - Review of application for registration of a time-share program

A. Upon receipt of an application for registration of a time-share program, the board shall issue the notice of filing required by subsection A of § 55.1-2241 of the Code of Virginia.

B. Upon the review of the application for registration, if the requirements of § 55.1-2239 of the Code of Virginia and this chapter have not been met, the board shall notify the applicant as required by subsection C of § 55.1-2241 of the Code of Virginia.

C. If the requirements for registration are not met within the application review period or a valid extension thereof, the board shall, upon the expiration of such period, enter an order rejecting the registration as required by subsection C of § 55.1-2241 of the Code of Virginia. The order rejecting the registration shall become effective 20 days after issuance.

D. An applicant may submit a written request for an informal conference in accordance with § 2.2-4019 of the Code of Virginia at any time between receipt of a notification pursuant to subsection B of this section and the effective date of the order of rejection entered pursuant to subsection C of this section. A request for such proceeding shall be deemed a consent to delay within the meaning of subsection A of § 55.1-2241 of the Code of Virginia.

E. The board shall receive and act upon corrections to the application for registration at any time prior to the effective date of an order rejecting the registration. If the board determines after review of the corrections that the requirements for registration have not been met, the board may proceed with an informal conference in accordance with § 2.2-4019 of the Code of Virginia in order to allow reconsideration of whether the requirements for registration are met. If the board does not opt to proceed with an informal conference, the applicant may submit a written request for an informal conference in accordance with § 2.2-4019 of the Code of Virginia in order to reconsider whether the requirements for registration are met. If the board does not proceed with an informal conference and no request for an informal conference is received from the applicant, an amended order of rejection stating the factual basis for the rejection shall be issued. A new 20-day period for the order of rejection to become effective shall commence.

F. At such time as the board affirmatively determines that the requirements of § 55.1-2239 of the Code of Virginia have been met, the board shall enter an order registering the time-share program and shall designate the form, content, and effective date of the public offering statement.

18 Va. Admin. Code § 48-45-120

Derived From Virginia Register Volume 32, Issue 10, eff. 3/1/2016; Amended, Virginia Register Volume 36, Issue 06, eff. 12/30/2019; Amended, Virginia Register Volume 37, Issue 03, eff. 12/1/2020.

Statutory Authority: §§ 54.1-2349 and 55.1-2247 of the Code of Virginia.