Virginia Code 55.1-1987: Revocation of registration
A. A registration may be revoked by the Common Interest Community Board after notice and hearing upon a written finding of fact in accordance with the Administrative Process Act (§ 2.2-4000 et seq.) that the declarant has:
Terms Used In Virginia Code 55.1-1987
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Declarant: means any person, or group of persons acting in concert, that (i) offers to dispose of its interest in a condominium unit not previously disposed of, including an institutional lender that may not have succeeded to or accepted any special declarant rights pursuant to § 55. See Virginia Code 55.1-1900
- Fraud: Intentional deception resulting in injury to another.
- Person: means a natural person, corporation, partnership, association, trust, or other entity capable of holding title to real property, or any combination thereof. See Virginia Code 55.1-1900
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
- Unit: means a portion of the condominium designed and intended for individual ownership and use. See Virginia Code 55.1-1900
1. Failed to comply with the terms of a cease and desist order;
2. Been convicted in any court subsequent to the filing of the application for registration for a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, or dishonest dealing in real estate transactions;
3. Disposed of, concealed, or diverted any funds or assets of any person so as to defeat the rights of unit purchasers;
4. Failed faithfully to perform any stipulation or agreement made with the Common Interest Community Board as an inducement to grant any registration, to reinstate any registration, or to approve any promotional plan or public offering statement; or
5. Made intentional misrepresentations or concealed material facts in an application for registration.
B. If the Common Interest Community Board finds after notice and a hearing that the developer has been guilty of a violation for which revocation could be ordered, it may issue a cease and desist order instead.
1974, c. 416, § 55-79.101; 2019, c. 712.