§ 55.1-2173. Common Interest Community Board
This chapter shall be administered by the Common Interest Community Board. 1982, c. 277, § 55-496; 2008, cc. 851, 871; 2019, c. 712.
§ 55.1-2174. General powers and duties of the Common Interest Community Board
A. The Common Interest Community Board may adopt, amend, and repeal regulations and issue orders consistent with and in furtherance of the objectives of this chapter, but the Common Interest Community Board shall not intervene in the internal activities of an association except to the extent necessary to prevent or cure violations of this chapter. […]
§ 55.1-2175. Registration required
A declarant shall not offer or dispose of a cooperative interest intended for residential use unless the cooperative and the cooperative interest are registered with the Common Interest Community Board. A cooperative consisting of no more than three units that is not subject to development rights is exempt from the requirements of this section. 1982, […]
§ 55.1-2176. Application for registration; approval of uncompleted unit
A. An application for registration must contain the information and be accompanied by any reasonable fees required by the Common Interest Community Board’s regulations. A declarant promptly shall file amendments to report any factual or expected material change in any document or information contained in his application. B. If a declarant files with the Common […]
§ 55.1-2177. Receipt of application; order or registration
A. The Common Interest Community Board shall acknowledge receipt of an application for registration within five business days after receiving it. Within 60 days after receiving the application, the Common Interest Community Board shall determine whether: 1. The application and the proposed public offering statement satisfy the requirements of this chapter and the Common Interest […]
§ 55.1-2178. Cease and desist order
If the Common Interest Community Board determines, after notice and hearing, that any person has disseminated or caused to be disseminated orally or in writing any false or misleading promotional materials in connection with a cooperative or that any person has otherwise violated any provision of this chapter or the Common Interest Community Board’s regulations […]
§ 55.1-2179. Revocation of registration
A. The Common Interest Community Board, after providing notice stating the deficiency complained of and holding a hearing, may issue an order revoking the registration of a cooperative upon determination that a declarant or any officer or principal of a declarant has: 1. Failed to comply with a cease and desist order issued by the […]
§ 55.1-2180. Investigative powers of the Common Interest Community Board
A. The Common Interest Community Board may initiate public or private investigations within or outside the Commonwealth to determine whether any representation in any document or information filed with the Common Interest Community Board is false or misleading or whether any person has engaged, is engaging, or is about to engage in any unlawful act […]
§ 55.1-2181. Annual report and amendments
A. A declarant, within 30 days after the anniversary date of the order of registration, shall file annually a report to bring up to date the material contained in the application for registration and the public offering statement. This provision does not relieve the declarant of the obligation to file amendments pursuant to subsection B. […]
§ 55.1-2182. Annual report by associations
A. The association shall file an annual report in a form and at such time as prescribed by regulations of the Common Interest Community Board. The filing of the annual report required by this section shall commence upon the termination of any declarant control period reserved pursuant to § 55.1-2134. The annual report shall be […]
§ 55.1-2183. Common Interest Community Board regulation of public offering statement
A. The Common Interest Community Board at any time may require a declarant to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers. B. The public offering statement shall not be used for any promotional purpose before registration and shall be used afterwards […]
§ 55.1-2184. Penalties
Any person who willfully violates § 55.1-2155, 55.1-2158, 55.1-2159, 55.1-2162, 55.1-2164, 55.1-2176, or 55.1-2181 or any regulation adopted under, or order issued pursuant to, § 55.1-2174, or any person who willfully in an application for registration makes any untrue statement of a material fact or omits to state a material fact, is guilty of a […]