Virginia Code 55.1-2205: Use of terms.
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A developer in its offering or disposition of a time-share may use interchangeably any term recognized in the industry, including “time-share,” “time-share interest,” “interval ownership,” “interval ownership interest,” “vacation ownership,” “vacation ownership interest,” and “product.” A developer shall not use the term “incidental benefit” or “alternative purchase” except in the proper context.
Terms Used In Virginia Code 55.1-2205
- 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
- Time-share: means either a time-share estate or a time-share use plus its incidental benefits. See Virginia Code 55.1-2200