Bill Text: VA SB347 | 2014 | Regular Session | Chaptered
Bill Title: Virginia Real Estate Time-Share Act; contents of time-share owners' association annual report.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2014-04-03 - Governor: Acts of Assembly Chapter text (CHAP0533) [SB347 Detail]
Download: Virginia-2014-SB347-Chaptered.html
Be it enacted by the General Assembly of Virginia: 1. That §55-370.1 of the Code of Virginia is amended and reenacted as follows: §55-370.1. Time-share estate owners' association annual report. A. Commencing with the time-share estate program and within B. The annual report shall contain the following: 1. The full legal name of the time-share project and its address; 2. The full legal name of the association; 3. A list of the names and mailing addresses of the members of the association's board of directors and the name of the person who prepared the report;
5. A statement of whether or not the developer control period has terminated for the time-share estate project; 6. Financial statements of the association audited by an independent certified public accounting firm of the association that contain at least the following: a. A balance sheet as of the end of the fiscal year;
a. A statement as to who prepared the budget; b. A statement of the budgetary assumptions concerning occupancy factors; c. A description of any provision made in the budget for reserves for repairs and replacement; d. A statement of any other reserves; e. The projected financial liability for each time-share
estate owner, including a statement of (i) the nature of all charges,
assessments, maintenance fees, and other expenses f. A statement of any services not reflected in the budget
that the developer provides, or expenses that it pays, 9. A statement of the location of the books and records of the association along with the name and contact address of the custodian of such books and records. C. In lieu of the annual report required by subsection A,
during the first |