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2012 SESSION
HB 233 Virginia Real Estate Time-Share Act; resale of time-shares, disclosures.
Introduced by: John A. Cosgrove | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Time-Share Act; resale revisions. Requires any reseller, defined in the bill, of a time-share in Virginia to be registered with the Common Interest Community Board and therefore subject to the regulatory authority of the Board. The bill requires time-share resellers to make written disclosures to purchasers concerning the time-share being resold and requires that a separate buyer's acknowledgment form must be provided to each time-share purchaser disclosing certain information, including whether or not the developer owns a buyback program and making it clear that the purchaser is buying a time-share for personal use, rather than investment purposes or resale potential. Under the bill, a willful violation of the registration, acknowledgment, or disclosure provisions is a Class 1 misdemeanor.
SUMMARY AS PASSED HOUSE:
Time-Share Act; revisions. Requires any reseller, defined in the bill, of a time-share in Virginia to be registered with the Common Interest Community Board and therefore subject to the regulatory authority of the Board. The bill requires time-share resellers to make written disclosures to purchasers concerning the time-share being resold and requires that a separate buyer's acknowledgment form must be provided to each time-share purchaser disclosing certain information, including whether or not the developer owns a buyback program and making it clear that the purchaser is buying a time-share for personal use, rather than investment purposes or resale potential. Under the bill, a willful violation of the registration, acknowledgment, or disclosure provisions is a Class 1 misdemeanor.
SUMMARY AS INTRODUCED:
Time-Share Act; revisions. Revises the Virginia Real Estate Time-Share Act (§ 55-360 et seq.) to include the following provisions: (i) a time-share company licensed outside the Commonwealth does not have to be licensed in Virginia to solicit existing customers who are residents of Virginia; (ii) any reseller of a time-share in Virginia shall be regulated in Virginia; (iii) a time-share deed shall not be transferred without the consent of both parties; (iv) audited annual reports shall be provided to time-share owners; (v) a buyer's acknowledgment must be provided to each time-share purchaser disclosing information including whether or not the developer owns a buyback program and making clear that the purchaser is buying a time-share for personal use, rather than investment purposes or resale potential; (vi) and such disclosures must be provided in a document separate from the contract and must be written in clear and concise language. The bill further provides that the Common Interest Community Board shall regulate the time-share industry in Virginia.
This bill is recommended by the Virginia Housing Commission.