18 Va. Admin. Code § 48-45-430

Current through Register Vol. 41, No. 10, December 30, 2024

Section 18VAC48-45-430 - Return of bond or letter of credit filed in lieu of escrowing deposits

A. An individual bond or individual letter of credit on file with the board in accordance with § 55.1-2220 of the Code of Virginia may be returned to the developer upon written request. Such request shall include a statement from the developer that indicates (i) the purchaser's cancellation period has expired, (ii) the purchaser's default under a purchase contract for the time-share estate entitling the developer to retain the deposit, or (iii) the purchaser's deposit was refunded.

B. Upon issuance of an order of termination of the time-share program registration pursuant to 18VAC48-45-450, a blanket bond or blanket letter of credit on file with the board in accordance with § 55.1-2220 of the Code of Virginia will be returned to the developer.

Derived From Virginia Register Volume 32, Issue 10, eff. 3/1/2016; Amended, Virginia Register Volume 35, Issue 06, eff. 12/14/2018; 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.