Virginia Real Estate Time-Share Act; resale of time-shares, disclosures. (HB233)

Introduced By

Del. John Cosgrove (R-Chesapeake)

Progress

√
 Introduced
√
 Passed Committee
√
 Passed House
√
 Passed Senate
√
 Signed by Governor
√
 Became Law

Description

Time-Share Act; revisions.  Revises the Virginia Real Estate Time-Share Act ( 55-360 et seq.) to include the following provisions: (i) a time-share company licensed outside the Commonwealth does not have to be licensed in Virginia to solicit existing customers who are residents of Virginia; (ii) any reseller of a time-share in Virginia shall be regulated in Virginia; (iii) a time-share deed shall not be transferred without the consent of both parties; (iv) audited annual reports shall be provided to time-share owners; (v) a buyer's acknowledgment must be provided to each time-share purchaser disclosing information including whether or not the developer owns a buyback program and making clear that the purchaser is buying a time-share for personal use, rather than investment purposes or resale potential; (vi) and such disclosures must be provided in a document separate from the contract and must be written in clear and concise language. The bill further provides that the Common Interest Community Board shall regulate the time-share industry in Virginia.

This bill is recommended by the Virginia Housing Commission. Amends § 55-361.1, § 55-362, § 55-363, § 55-366, § 55-371, § 55-374, § 55-376.1, § 55-380, § 55-383, § 55-385, § 55-386, § 55-390, § 55-394.1, § 55-396, § 55-400, of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

History

  • 01/10/2012 Prefiled and ordered printed; offered 01/11/12 12102185D
  • 01/10/2012 Referred to Committee on General Laws
  • 01/17/2012 Impact statement from DPB (HB233)
  • 01/18/2012 Impact statement from DPB (HB233)
  • 01/27/2012 Assigned GL sub: #1 Housing
  • 02/08/2012 Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
  • 02/09/2012 Reported from General Laws with substitute (21-Y 0-N) (see vote tally)
  • 02/09/2012 Committee substitute printed 12105236D-H1
  • 02/12/2012 Read first time
  • 02/13/2012 Read second time
  • 02/13/2012 Committee substitute agreed to 12105236D-H1
  • 02/13/2012 Engrossed by House - committee substitute HB233H1
  • 02/14/2012 Read third time and passed House BLOCK VOTE (100-Y 0-N)
  • 02/14/2012 VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
  • 02/15/2012 Constitutional reading dispensed
  • 02/15/2012 Referred to Committee on General Laws and Technology
  • 02/21/2012 Impact statement from DPB (HB233H1)
  • 02/27/2012 Reported from General Laws and Technology with substitute (14-Y 0-N) (see vote tally)
  • 02/27/2012 Committee substitute printed 12105685D-S1
  • 02/29/2012 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
  • 03/01/2012 Read third time
  • 03/01/2012 Reading of substitute waived
  • 03/01/2012 Committee substitute agreed to 12105685D-S1
  • 03/01/2012 Engrossed by Senate - committee substitute HB233S1
  • 03/01/2012 Passed Senate with substitute (40-Y 0-N) (see vote tally)
  • 03/01/2012 Reconsideration of Senate passage agreed to by Senate (39-Y 0-N) (see vote tally)
  • 03/01/2012 Passed Senate with substitute (39-Y 0-N) (see vote tally)
  • 03/02/2012 Placed on Calendar
  • 03/02/2012 Impact statement from DPB (HB233S1)
  • 03/05/2012 Senate substitute agreed to by House 12105685D-S1 (97-Y 0-N)
  • 03/05/2012 VOTE: ADOPTION (97-Y 0-N) (see vote tally)
  • 03/08/2012 Enrolled
  • 03/08/2012 Bill text as passed House and Senate (HB233ER)
  • 03/08/2012 Impact statement from DPB (HB233ER)
  • 03/08/2012 Signed by Speaker
  • 03/09/2012 Signed by President
  • 04/09/2012 Governor's recommendation received by House
  • 04/17/2012 Placed on Calendar
  • 04/18/2012 House concurred in Governor's recommendation (94-Y 0-N)
  • 04/18/2012 VOTE: ADOPTION (94-Y 0-N) (see vote tally)
  • 04/18/2012 Senate concurred in Governor's recommendation (39-Y 0-N) (see vote tally)
  • 04/18/2012 G Governor's recommendation adopted
  • 04/18/2012 Reenrolled
  • 04/18/2012 Reenrolled bill text (HB233ER2)
  • 04/18/2012 Signed by Speaker as reenrolled
  • 04/18/2012 Signed by President as reenrolled
  • 04/18/2012 G Approved by Governor-Chapter 751 (effective 7/1/12)
  • 04/18/2012 G Acts of Assembly Chapter text (CHAP0751)

Comments

Stuart Sadler writes:

This is a developer's bill. Notwithstanding helpful changes to the definition of "developer" and regulation of time-share resellers, the bill would:
1. reduce liability of developers for overselling, (Selling more time-shares than there are units available for use by owners)
2. delay developers turning over the common elements to the owners association
3. allow forfeiture of owner's rights without any due process to owner
4. add charges payable to developer by the purchaser of a resale time-share
5. facilitate foreclosures of owners time-shares
6. reduce the disclosures required to be provided to purchasers
7. reduce penalties for violations of the Act
8. while there are specific prohibitions for time-share resellers, there are no comparable prohibitions for the salesmen of the developer.
9. substantially reduce the coverage of the definition of a "conversion time-share" which would reduce disclosure requirements and protection of occupants of the property being converted.
10. reduce information about the time-share program that is available to owners.
11. repeal the section allowing the regulatory board to require developer to correct or supplement offering statement to assure adequate and accurate disclosure.

Posted 16 months ago.