Virginia Real Estate Time-Share Act; resale of time-shares, disclosures. (HB233)

Introduced By

Sen. John Cosgrove (R-Chesapeake)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Time-Share Act; revisions.  Revises the Virginia Real Estate Time-Share Act ( 55-360 et seq.) to include the following provisions: (i) a time-share company licensed outside the Commonwealth does not have to be licensed in Virginia to solicit existing customers who are residents of Virginia; (ii) any reseller of a time-share in Virginia shall be regulated in Virginia; (iii) a time-share deed shall not be transferred without the consent of both parties; (iv) audited annual reports shall be provided to time-share owners; (v) a buyer's acknowledgment must be provided to each time-share purchaser disclosing information including whether or not the developer owns a buyback program and making clear that the purchaser is buying a time-share for personal use, rather than investment purposes or resale potential; (vi) and such disclosures must be provided in a document separate from the contract and must be written in clear and concise language. The bill further provides that the Common Interest Community Board shall regulate the time-share industry in Virginia.

This bill is recommended by the Virginia Housing Commission. Read the Bill »


Bill Has Passed


01/10/2012Prefiled and ordered printed; offered 01/11/12 12102185D
01/10/2012Referred to Committee on General Laws
01/17/2012Impact statement from DPB (HB233)
01/18/2012Impact statement from DPB (HB233)
01/27/2012Assigned GL sub: #1 Housing
02/08/2012Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/09/2012Reported from General Laws with substitute (21-Y 0-N) (see vote tally)
02/09/2012Committee substitute printed 12105236D-H1
02/12/2012Read first time
02/13/2012Read second time
02/13/2012Committee substitute agreed to 12105236D-H1
02/13/2012Engrossed by House - committee substitute HB233H1
02/14/2012Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/14/2012VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/15/2012Constitutional reading dispensed
02/15/2012Referred to Committee on General Laws and Technology
02/21/2012Impact statement from DPB (HB233H1)
02/27/2012Reported from General Laws and Technology with substitute (14-Y 0-N) (see vote tally)
02/27/2012Committee substitute printed 12105685D-S1
02/29/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/01/2012Read third time
03/01/2012Reading of substitute waived
03/01/2012Committee substitute agreed to 12105685D-S1
03/01/2012Engrossed by Senate - committee substitute HB233S1
03/01/2012Passed Senate with substitute (40-Y 0-N) (see vote tally)
03/01/2012Reconsideration of Senate passage agreed to by Senate (39-Y 0-N) (see vote tally)
03/01/2012Passed Senate with substitute (39-Y 0-N) (see vote tally)
03/02/2012Placed on Calendar
03/02/2012Impact statement from DPB (HB233S1)
03/05/2012Senate substitute agreed to by House 12105685D-S1 (97-Y 0-N)
03/05/2012VOTE: ADOPTION (97-Y 0-N) (see vote tally)
03/08/2012Bill text as passed House and Senate (HB233ER)
03/08/2012Impact statement from DPB (HB233ER)
03/08/2012Signed by Speaker
03/09/2012Signed by President
04/09/2012Governor's recommendation received by House
04/17/2012Placed on Calendar
04/18/2012House concurred in Governor's recommendation (94-Y 0-N)
04/18/2012VOTE: ADOPTION (94-Y 0-N) (see vote tally)
04/18/2012Senate concurred in Governor's recommendation (39-Y 0-N) (see vote tally)
04/18/2012G Governor's recommendation adopted
04/18/2012Reenrolled bill text (HB233ER2)
04/18/2012Signed by Speaker as reenrolled
04/18/2012Signed by President as reenrolled
04/18/2012G Approved by Governor-Chapter 751 (effective 7/1/12)
04/18/2012G Acts of Assembly Chapter text (CHAP0751)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 minute.


Stuart Sadler writes:

This is a developer's bill. Notwithstanding helpful changes to the definition of "developer" and regulation of time-share resellers, the bill would:
1. reduce liability of developers for overselling, (Selling more time-shares than there are units available for use by owners)
2. delay developers turning over the common elements to the owners association
3. allow forfeiture of owner's rights without any due process to owner
4. add charges payable to developer by the purchaser of a resale time-share
5. facilitate foreclosures of owners time-shares
6. reduce the disclosures required to be provided to purchasers
7. reduce penalties for violations of the Act
8. while there are specific prohibitions for time-share resellers, there are no comparable prohibitions for the salesmen of the developer.
9. substantially reduce the coverage of the definition of a "conversion time-share" which would reduce disclosure requirements and protection of occupants of the property being converted.
10. reduce information about the time-share program that is available to owners.
11. repeal the section allowing the regulatory board to require developer to correct or supplement offering statement to assure adequate and accurate disclosure.