{"data":{"id":"us-va/18vac48-45-320","jurisdiction":"us-va","citation":"18VAC48-45-320","heading":"Documents from other jurisdictions","body":"A. A substituted public offering statement shall only be permitted for a time-share program for which some portion of the time-share project associated with the program is located outside of Virginia.\n\nB. The substituted public offering statement shall be prepared by deleting from the original disclosure document the following: (i) references to any governmental agency of another jurisdiction to which application has been made or will be made for registration or related action; (ii) references to the action of such governmental agency relative to the time-share project and its time-share program; (iii) statements of the legal effect in another jurisdiction of delivery, failure to deliver, acknowledgment of receipt, or related events involving the disclosure document; (iv) the effective date in another jurisdiction of the disclosure document; and (v) all other information that is untrue, inaccurate, or misleading with respect to marketing, offers, or disposition of time-shares in Virginia.\n\nC. The substituted public offering statement shall incorporate all information not otherwise included that is necessary to effect fully and accurately the disclosures required by § 55.1-2217 of the Code of Virginia. The substituted disclosure document shall clearly explain any nomenclature that is different from the definitions provided in § 55.1-2200 of the Code of Virginia.\n\nD. The substituted public offering statement shall include as the first item of the summary of important considerations a statement that includes the following information: (i) the designation by which the original disclosure document is identified in the original jurisdiction; (ii) the governmental agency of such other jurisdiction where the original disclosure document is or will be filed; and (iii) the jurisdiction of such filing.\n\nE. The provisions of §§ 55.1-2217 and 55.1-2221 of the Code of Virginia and 18VAC48-45-140, 18VAC48-45-150, and 18VAC48-45-160 shall apply to substituted public offering statements in the same manner and to the same extent that they apply to public offering statements.\n\nF. In the case of a time-share project located outside of the Commonwealth, pursuant to subsection  H of § 55.1-2217 of the Code of Virginia, similar disclosure statements required by other situs laws governing time-sharing that are equivalent to the requirements of this chapter may be accepted by the board as alternative disclosure statements to satisfy the requirements of this chapter.","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/section320/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:52:33Z","sha256":"bb6fd266495baa4bd71abf71a698436fe49de00ffac0da8b98b435d3172dd6e0","source_id":"us-va-vac","stale":false,"prev":"us-va/18vac48-45-310","next":"us-va/18vac48-45-330"},"notice":"GroundRules: Original legal text. Not legal advice."}