{"data":{"id":"us-va/18vac48-45-240","jurisdiction":"us-va","citation":"18VAC48-45-240","heading":"Narrative sections; exchange program","body":"If any prospective purchaser is offered the opportunity to subscribe to or participate in any exchange program, the public offering statement shall contain a section captioned \"Exchange Program\" that shall include the following:\n\n1. A statement of whether membership or participation in the exchange program is voluntary or mandatory; and\n\n2. A statement that the purchaser's contract with the exchange company is a contract separate and distinct from the purchaser's contract with the developer and whether there is a fee associated with membership or participation in the exchange program.","path":["Title 18. Professional And Occupational Licensing","Agency 48. Common Interest Community Board","Chapter 45. Time-Share Regulations","Part V. Public Offering Statement"],"source_url":"https://law.lis.virginia.gov/admincode/title18/agency48/chapter45/section240/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:52:32Z","sha256":"dfaa404f1a9a03d8a2fc00e1615ac103c1dfa7e5f13c8e0591eb1e4baabfc75f","source_id":"us-va-vac","stale":false,"prev":"us-va/18vac48-45-230","next":"us-va/18vac48-45-250"},"notice":"GroundRules: Original legal text. Not legal advice."}