Sunday, October 12, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB1467: Leases; prohibited covenants.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 55-57.01 as follows:
§ 55-57.01. Prohibited covenants in leases.
A. No lease for nonresidential property shall be agreed to, executed or renewed that contains a covenant restricting the lessor from entering into additional leases with additional parties that compete with the lessee's lines of business, unless the additional party's intended lines of business are in direct competition with no less than a majority of the lessee's lines of business.
B. A lease in violation of subsection A shall be deemed a contract in restraint of trade prohibited by § 59.1-9.5.
2. That the provisions of this act shall apply to leases agreed to, executed or renewed on or after July 1, 2008.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.