55-374.1 - Certain advertising practices regulated.
§ 55-374.1. Certain advertising practices regulated.
A. Any offering which includes a gift or prize must disclose therein, withthe same prominence as such offer:
1. The retail value of each gift or prize;
2. The approximate odds against any given person obtaining each gift or prizeif all persons to whom the advertisement is disseminated do what is necessaryto qualify for the award of the gift or prize;
3. If the number of gifts or prizes to be awarded is limited, a statement ofthe number of gifts or prizes to be awarded or in lieu thereof, the nature ofsuch limitation;
4. All rules, terms, requirements, and conditions which must be fulfilledbefore a prospective purchaser may claim any gift or prize, including whetherthe prospective purchaser is required to attend a sales presentation in orderto receive the gift or prize;
5. The date upon which the offer expires; and
6. A statement to the effect that the offer is being made for the purpose ofsoliciting the purchase of a time-share, time-share interest, intervalownership, interval ownership interest, vacation ownership, vacationownership interest or product, as appropriate.
B. Any gift or prize offered in connection with an offering shall bedelivered to the prospective purchaser no later than the day the purchaserattends a sales presentation, if required, and if not, on the day thepurchaser appears to claim it, whether or not he purchases a time-share. Inthe event the supply of gifts or prizes is exhausted at the time required fordelivery, the developer shall give the prospective purchaser a written,unconditional promise to deliver such gift or prize no later than 30 daysfrom the date required for delivery. If such gift or prize is not obtainable,the developer shall deliver an item of equal or greater value.
C. The offering or sale of any product registered with the Board is exemptfrom the Virginia Travel Club Act (§ 59.1-445 et seq.), the VirginiaCondominium Act (§ 55-79.39 et seq.), the Virginia Securities Act (§ 13.1-501et seq.), the Virginia Home Solicitation Sales Act (§ 59.1-21.1 et seq.), theSubdivided Land Sales Act (§ 55-336 et seq.), the Wet Settlement Act (§6.1-2.10 et seq.), and the Prizes and Gifts Act (§ 59.1-415 et seq.).
(1983, c. 59; 1984, c. 333; 1985, c. 517; 1991, c. 704; 1994, c. 580; 1996,c. 372; 1998, c. 460; 2006, c. 653; 2008, cc. 851, 871.)