Exchange Facilitators Act; established. (HB417)
Introduced By
Del. Glenn Oder (R-Newport News)
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
Exchange Facilitators Act; established. Creates an act that defines terminology for exchange facilitators, who are persons that for a fee, enter into an agreement with a taxpayer to act as (i) a qualified intermediary in an exchange of like-kind property, (ii) an Exchange Accommodation Titleholder; or (iii) a qualified trustee or escrow holder. The bill requires notification of change in control of the exchange facilitator; separation of accounts and deposit into escrow accounts for the exchange facilitator; separation of identities; errors and omissions insurance, cash, or letters of credit for the exchange facilitator; and accounting for moneys and property, and sets out prohibited acts and penalties. This bill is recommended by the Virginia Housing Commission. View Full Text »
