A. In a time-share estate program, if the annual report indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist, the Board shall issue an order terminating the registration of the time-share program.
B. The Board shall issue an order terminating the registration of a time-share program upon application by the developer in which the developer states that no further development right is anticipated and that the developer has ceased sales of time-shares in the time-share program.
C. Notwithstanding any other provisions of this chapter, the Board may administratively terminate the registration of a time-share program if:
1. The developer has not filed an annual report in accordance with § 55.1-2242 for three or more consecutive years; or
2. The developer's registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.
2012, cc. 481, 797, § 55-394.2; 2019, c. 712; 2020, c. 1011.