18 Va. Admin. Code § 48-45-150

Current through Register Vol. 41, No. 4, October 8, 2024

Section 18VAC48-45-150 - Full and accurate disclosure

A. The provisions of § 55.1-2217 of the Code of Virginia and this chapter shall be strictly construed to promote full and accurate disclosure in the public offering statement. In addition, the following will be considered, as applicable, during review to assure full and accurate disclosure:

1. The information shall be presented in a manner that is clear and understandable to a reasonably informed consumer, while maintaining consistency with the requirements of this chapter and the Virginia Real Estate Time-Share Act.

2. No information shall be incorporated by reference to an outside source that is not reasonably available to a prospective purchaser.

3. If required information is not known or not reasonably available, such fact shall be stated and explained in the public offering statement.

B. The board has the sole discretion to require additional information or amendment of existing information as it finds necessary to ensure full and accurate disclosure.

18 Va. Admin. Code § 48-45-150

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

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