{"data":{"id":"us-va/18vac48-45-40","jurisdiction":"us-va","citation":"18VAC48-45-40","heading":"Time-shares located outside of Virginia","body":"A. In any case involving a time-share  located outside of Virginia in which the laws or practices of the jurisdiction in which such time-share  is located prevent compliance with a provision of this chapter, the board shall prescribe by order a substitute provision to be applicable in such case that is as nearly equivalent to the original provision as is reasonable under the circumstances.\n\nB. The words \"time-share instrument\" and \"public offering statement,\" when used in this chapter with reference to a time-share located outside of Virginia, mean documents, portions of documents, or combinations thereof, by whatever name denominated, that have a content and function identical or substantially equivalent to the content and function of their Virginia counterparts.\n\nC. The word \"recording\" or \"recordation\" when used with reference to time-share instruments of a time-share located outside of Virginia means a procedure that, in the jurisdiction in which such time-share is located, causes the time-share instruments to become legally effective.\n\nD. This chapter shall apply to a contract for the disposition of a time-share located outside of Virginia only to the extent permissible under the provisions of  subsections C and D of § 55.1-2201 of the Code of Virginia.\n\nE. In accordance with subsection D of § 55.1-2201 of the Code of Virginia, this chapter applies to any time-share program wherein the time-share interests are either direct or indirect beneficial interests in a trust created pursuant to a situs time-sharing law, or other applicable law of the situs.\n\nF. The time-share shall be properly registered in the state or other jurisdiction where the project is located.","path":["Title 18. Professional And Occupational Licensing","Agency 48. Common Interest Community Board","Chapter 45. Time-Share Regulations","Part I. General"],"source_url":"https://law.lis.virginia.gov/admincode/title18/agency48/chapter45/section40/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:52:32Z","sha256":"af45dfa25f594423fd213904780e383aa57a374dfbb7defeff7a90bd1140b406","source_id":"us-va-vac","stale":false,"prev":"us-va/18vac48-45-30","next":"us-va/18vac48-45-50"},"notice":"GroundRules: Original legal text. Not legal advice."}