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1998 SESSION

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HB 1105 Real Estate Time-Share Act.

Introduced by: James F. Almand | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Real Estate Time-Share Act. Adds and clarifies certain definitions, especially "material change." The bill also (i) changes the term "amenities" to "common elements;" (ii) removes the requirement that time-share associations be incorporated under the Virginia Nonstock Corporation Act; (iii) removes the ability of a time-share purchase to have a recordable statement of any unpaid regulator or special assessments levied against the time-share; (iv) limits attendance at board meetings to those members eligible to vote and in good standing in the association; (v) removes the requirement that the developer, during the developer control period, prepare and distribute the annual report, and instead makes the association responsible for this; (vi) relieves the developer of the obligation to maintain general liability insurance and places that responsibility on the association; and (vii) exempts any product registered with the Real Estate Board from the Virginia Home Solicitation Sales Act and the Prizes and Gifts Act.


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