SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2009 SESSION

  • | print version

SB 1366 Property Owners' Association Act; control of association by declarant.

Introduced by: George L. Barker | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Virginia Property Owners' Association Act; control of association by declarant.  Provides that a declaration may provide for declarant control of an association and its board of directors until (i) three months after 80 percent of all lots that the declarant has reserved the right to develop in all phases of development have been conveyed to a person other than a declarant or builder and (ii) the number of lots not yet developed is less than 200.  The bill also provides that the declarant has the right to develop all additional lots in accordance with provisions in effect at the time of transfer of control and gives the declarant a seat on the board of the association until such time as all lots have been conveyed to a person other than a declarant or a builder.  In addition, the bill requires all association funds collected during the period of declarant control to be maintained  separately in the association's name unless held by a title company or common interest community manager.  The bill prohibits the declarant from using association funds to defend any civil or criminal action, or administrative or arbitration proceeding that has been filed or initiated against the declarant.


FULL TEXT

HISTORY