Summary as introduced:
Virginia Real Estate Time-Share Act; developer control in time-share estate program. Provides that the transfer of control from the developer shall be required after five years has elapsed during which time no significant number of units have been built or are under construction in a phase or portion thereof of a time-share project. The bill defines "significant number" as five percent of the total build-out number. The bill also provides any transfer of legal or equitable ownership of at least 90 percent of the time-share estates counts in determining when the developer control period terminates and is not limited to such transfers to purchasers.
01/14/04 House: Presented & ordered printed, prefiled 01/14/04 046683224 pdf
01/14/04 House: Presented & ordered printed, prefiled 01/14/04 046683224
01/14/04 House: Referred to Committee on General Laws
01/19/04 House: Assigned to General Laws sub-committee: 1
01/29/04 House: Continued to 2005 in General Laws (22-Y 0-N)
12/10/04 House: Left in General Laws