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The bill HB 1794 / SB 1015, put forth by the Virginia Resort Development
Association (VRDA), allows for the optional streamlined advertisement
of a timeshare property being foreclosed upon. A foreclosing entity will only be
required to include the basic information in a publication, such as the time, place, and
date of sale; identification of the time-share being sold; contact information
for obtaining further information about the sale; and a website address where
more complete information and documentation can be obtained.
Together with the Virginia Resort Development Association
(VRDA), ARDA supports HB 1795 / SB 1016 which extends the owner exemption from
real estate licensure that currently exists in Virginia law. Timeshares
fit within an exemption to real estate licensure when a developer, as the
“owner,” is selling from their own inventory. With the introduction of new
organizational structures in the industry however, the law needed to be
As of March 5, the HB 233 (Senate substitute) unanimously passed both houses. In summary HB 233 proposes greater consumer disclosure by doing the following: i) requiring any reseller of a timeshare in Virginia be subject to the regulatory authority of the Common Interest Community Board, ii) requiring timeshare resellers to make written disclosures to purchasers concerning the timeshare being resold, and iii) requiring that a separate buyer's acknowledgment form must be provided to each timeshare purchaser disclosing certain information.
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» Office of the Governor » Legislature » Timeshare Regulatory Agency » Office of the Attorney General
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