Virginia Code 55.1-2248: Cancellation of cease and desist order; reinstatement of registration of developer.
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A. The Board shall stipulate to the developer or reseller the reason for any cease and desist order, or revocation of registration as outlined in § 55.1-2247, by no later than the time such order or revocation is to become effective.
Terms Used In Virginia Code 55.1-2248
- Board: means the Common Interest Community Board. See Virginia Code 55.1-2200
- Developer: means any person or group of persons acting in concert that (i) offers to dispose of a time-share or its interest in a time-share unit for which there has not been a previous disposition or (ii) applies for registration of the time-share program. See Virginia Code 55.1-2200
- disposition: means a transfer of a legal or equitable interest in a time-share, other than a transfer or release of security for a debt. See Virginia Code 55.1-2200
- Reseller: means any person who, directly or indirectly, engages in a resale service. See Virginia Code 55.1-2200
B. Should the developer or reseller satisfy the Board that it has corrected the reasons for the cease and desist order or revocation of registration, then the Board shall promptly cancel such order or reinstate the registration, and thereafter the developer or reseller may continue its offering or disposition of time-shares.