18 Va. Admin. Code § 48-45-590

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

Section 18VAC48-45-590 - Minimum requirements for registration of an exchange program

An application for registration of an exchange program shall include the following:

1. An application submitted in accordance with 18VAC48-45-50;

2. Current contact information for the exchange company;

3. A disclosure document that complies with § 55.1-2219 of the Code of Virginia; and

4. A report independently audited by a certified public accountant or accounting firm in accordance with the standards of the Accounting Standards Board of the American Institute of Certified Public Accountants. The report shall provide the following for the preceding calendar year:

a. The number of owners enrolled in the exchange program. Such numbers shall disclose the relationship between the exchange company and owners as being either fee paying or gratuitous in nature;

b. The number of time-share properties, accommodations or facilities eligible to participate in the exchange program;

c. The percentage of confirmed exchanges, which shall be the number of exchanges confirmed by the exchange company divided by the number of exchanges properly applied for, together with a complete and accurate statement of the criteria used to determine whether an exchange request was properly applied for;

d. The number of time-shares for which the exchange company has an outstanding obligation to provide an exchange to an owner who relinquished a time-share during the year in exchange for a time-share in any future year; and

e. The number of exchanges confirmed by the exchange company during the year.

18 Va. Admin. Code § 48-45-590

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.