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2014 SESSION

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SB 347 Virginia Real Estate Time-Share Act; contents of time-share owners' association annual report.

Introduced by: John A. Cosgrove | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Real Estate Time-Share Act; contents of time-share owners' association annual report; cost. Details the contents of the annual report provided by the time-share owners' association to its members. In addition, the bill extends the time in which the time-share owners' association annual report must be prepared and distributed to all time-share estate owners from 120 to 180 days after the close of the fiscal year.

SUMMARY AS INTRODUCED:

Virginia Real Estate Time-Share Act; contents of time-share owners' association annual report; cost. Details the contents of the annual report provided by the time-share owners' association to its members. The bill also provides that in the event of the sale of a time-share by an existing owner to a new owner, the association may charge up to $75 to review its books and records if the new owner has obtained a resale certificate or up to $175 if the new owner did not obtain the resale certificate. In addition, the bill extends the time in which the time-share owners' association annual report must be prepared and distributed to all time-share estate owners from 120 to 180 days after the close of the fiscal year.