Consumer Protection Act; foreclosure rescues. (HB2261)
Introduced By
Del. Terry Kilgore (R-Gate City) with support from co-patrons Del. Clay Athey (R-Front Royal), Del. Anne Crockett-Stark (R-Wytheville), Del. Dave Nutter (R-Christiansburg), and Del. Bob Tata (R-Virginia Beach)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Virginia Consumer Protection Act; foreclosure rescues. Provides that the prohibition on fraudulent acts or practices committed by a supplier in a consumer transaction involving residential real property owned and occupied as the primary dwelling unit of the owner applies when the supplier of service to avoid or prevent foreclosure charges or receives a fee (i) prior to the full and complete performance of the services it has agreed to perform, if the transaction does not involve the sale or transfer of residential real property, or (ii) prior to the settlement on the sale or transfer of residential real property, if the transaction involves the sale or transfer of the property. Currently, any practice where a supplier of a foreclosure avoidance or prevention service is to be paid a fee prior to the settlement on a sale of residential real property is prohibited, regardless of whether the fee is charged or collected as part of the transaction involving a sale of the property. Amends § 59.1-200.1 (“Prohibited practices; foreclosure rescue.”), of the Code of Virginia. View Full Text »
