18 Va. Admin. Code § 48-45-270 - Narrative sections; time-share owners' association
A. For time-share estate programs the public
offering statement shall contain a section captioned "Time-Share Owners'
Association." The section shall discuss the arrangements for the management and
operation of the time-share estate program and for the maintenance, repair, and
furnishing of units and shall include the information required by subdivisions
1 through 15 of this subsection. The section shall describe or discuss the
following:
1. The creation of the
association.
2. The payment of
costs and expenses of operating the time-share estate program and owning and
maintaining the time-share units.
3. Employment and termination of employment
of the managing agent for each time-share estate project included in the
time-share program.
4. Termination
of leases and contracts for goods and services for each time-share estate
project included in the time-share program that were entered into during the
developer control period.
5.
Preparation and dissemination of the annual report required by §
55.1-2213 of the Code of
Virginia to the time-share estate owners.
6. Adoption of standards and rules of conduct
for the use, enjoyment, and occupancy of units by the time-share estate
owners.
7. Collection of regular
assessments, fees or dues, and special assessments from time-share estate
owners to defray all time-share expenses.
8. Comprehensive general liability insurance
for death, bodily injury, and property damage arising out of or in connection
with the use and enjoyment of any time-share project included in the time-share
program by time-share estate owners, their guests, and other users. The cost
for such insurance shall be a time-share expense.
9. Methods for providing compensation or
alternate use periods or monetary compensation to a time-share estate owner if
his contracted-for unit cannot be made available for the period to which the
owner is entitled by schedule or by confirmed reservation.
10. Procedures for imposing a monetary
penalty or suspension of a time-share estate owner's rights and privileges in
the time-share estate program or any time-share project included in the
time-share program for failure to comply with provisions of the time-share
instrument or the rules and regulations of the association with respect to the
use and enjoyment of the units and the time-share project. Under these
procedures a time-share estate owner must be given reasonable notice and
reasonable opportunity to be heard and explain the charges against him in
person or in writing to the board of directors of the association before a
decision to impose discipline is rendered.
11. Employment of attorneys, accountants, and
other professional persons as necessary to assist in the management of the
time-share estate program and any time-share project included in the time-share
program.
12. Developer control
period, during which time period the developer, or a managing agent selected by
the developer, shall manage and control any time-share estate project included
in the time-share program and the common elements and units, including
decisions about the financial operation of the association.
13. The managing agent, if any, shall be
identified, and the section shall indicate any relationship between the
managing agent and the developer. The duration of any management agreement
shall be stated.
14. Except to the
extent otherwise disclosed in connection with discussion of a management
agreement, the significant terms of any lease of recreational areas or similar
contract or agreement affecting the use, maintenance, or access of all or any
part of any time-share project included in the time-share program shall be
stated. The section shall include a brief narrative statement of the effect of
each such agreement upon a purchaser.
15. Rules and regulations of the association
shall be discussed. The purchaser's attention shall be directed to the copy of
rules and regulations, if any, attached to the public offering
statement.
B. For
time-share use programs, if an association is formed for management and
operation of the time-share use program and for the maintenance, repair, and
furnishing of time-share use units comprising the time-share, the public
offering statement shall contain a section captioned "Time-Share Owners'
Association." This section shall contain the information required by
subdivisions A 1 through 15 of this section as applicable to the association
for the time-share use program.
Notes
Statutory Authority: §§ 54.1-2349 and 55.1-2247 of the Code of Virginia.
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