Virginia Real Estate Time-Share Act; developer control period. (HB1209)

Introduced By

Del. John Cosgrove (R-Chesapeake)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Virginia Real Estate Time-Share Act; developer control period.  Provides that, except to the extent the time-share instruments expressly provide otherwise, the developer control period shall terminate when the developer (i) transfers to purchasers legal or equitable ownership of at least 90 percent of the time-share estates, excluding any reacquisition by the developer; (ii) is no longer the beneficiary on deeds of trust secured of at least 10 percent of the time-share estates; or (iii) has completed all of the promised common elements and facilities comprising the time-share estate project, whichever occurs later. Amends § 55-369, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/19/2012 Committee
  • 01/19/2012 Presented and ordered printed 12103906D
  • 01/19/2012 Referred to Committee on General Laws
  • 01/27/2012 Assigned GL sub: #4 Professions/Occupations and Administrative Process
  • 01/27/2012 Assigned GL sub: #1 Housing
  • 01/27/2012 Impact statement from DPB (HB1209)
  • 02/08/2012 Subcommittee recommends continuing to 2013
  • 02/09/2012 Continued to 2013 in General Laws