ARDA Supports Bill Extending Owner Exemption to Real Estate Licensure

2015-04-01

Issue Brief

 Together with the Virginia Resort Development Association (VRDA), ARDA supports HB 1795 / SB 1016 which extends the owner exemption from real estate licensure that currently exists in Virginia law. Timeshares fit within an exemption to real estate licensure when a developer, as the “owner,” is selling from their own inventory. With the introduction of new organizational structures in the industry however, the law needed to be updated. 

Impact

 This legislation clarifies that the exemption not only applies to an “owner” in the most traditional sense, but that it also extends to affiliated entities of the owner where: 

The owner has a controlling interest in the affiliated entity  

Or the affiliated entity and the owner have a common parent company 

Position/Call to Action

 ARDA supports HB 1795 / SB 1016.

 

  

Issue Updates

 HB 1795 / SB 1016 was passed by the House and Senate and signed into law by the Governor on 2/26/15. The law takes effect on 7/1/15.

 

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