GroundRules
18VAC48-45-440: Maintenance of bond or letter of credit
Where this section sits in the code
- Title 18. Professional And Occupational Licensing
- Agency 48. Common Interest Community Board
- Chapter 45. Time-Share Regulations
- Part VI. Time-Share Program Post-Registration Provisions
A. The developer shall report the extension, cancellation, amendment, expiration, termination, or any other change of any bond or letter of credit submitted in accordance with § 55.1-2220 and subsection B of § 55.1-2234 of the Code of Virginia within five days of the change.
B. The board at any time may request verification from the developer of the status of a bond or letter of credit on file with the board. Such verification shall comply with the provisions of subdivision B 6 of 18VAC48-45-400.
C. Failure to report a change in the bond or letter of credit in accordance with this section shall result in further action by the board pursuant to the Virginia Real Estate Time-Share Act.
Collected 2026-09-14T04:52:33Z. Source file · JSON