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2009 SESSION
SB 1366 Property Owners' Association Act; control of association by declarant.
Introduced by: George L. Barker | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
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.
SUMMARY AS INTRODUCED:
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 for a period of time that shall not exceed (i) five years or (ii) three months after 80 percent of all lots in all phases of the development have been conveyed, whichever occurs first. The bill requires all association funds collected during the period of declarant control to be maintained separately in the association's name and not be commingled with funds of the declarant or the funds of any other association. In addition, 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.