Real Estate Time-Share Act; provides for nonjudicial foreclosure of liens. (HB693)

Introduced By

Del. Terrie Suit (R-Virginia Beach)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Virginia Real Estate Time-Share Act; nonjudicial foreclosure; termination of time-share program; public offering statement; resale certificate. Provides for nonjudicial foreclosure of liens by the time-share association and sets out the process therefor. The bill, among other things, also (i) provides that, without permission of such member, the name, address, telephone number and other personal information about a time-share owner or member of the association are not open to inspection by association members; (ii) provides that the association is not required to produce records that are a matter of public record or are otherwise readily available from another source; (iii) allows the developer to terminate a time-share project if he is the sole owner of all of the time-shares; (iv) provides that the offering or sale of any product that is registered with the Real Estate Board is exempt from the Wet Settlement Act; (v) allows a developer to post a letter of credit or cash with the Real Estate Board for the protection of escrowed purchase deposits; (vi) gives the developer 180 days after a sale to record the deed; and (vii) provides that if the developer has substantially complied in good faith with the Virginia Time-Share Act, a nonmaterial error or omission is not actionable and the purchaser cannot cancel his purchase contract after the expiration of the cancellation period. Finally, the bill contains technical amendments. Read the Bill »


04/05/2006: signed by governor


01/10/2006Prefiled and ordered printed; offered 01/11/06 067685520
01/10/2006Referred to Committee on General Laws
01/18/2006Assigned to General Laws sub-committee: #1 Housing (Suit)
02/01/2006Fiscal impact statement from DPB (HB693)
02/09/2006Reported from General Laws (20-Y 1-N)
02/11/2006Read first time
02/13/2006Read second time and engrossed
02/14/2006Read third time and passed House (99-Y 1-N)
02/14/2006VOTE: PASSAGE (99-Y 1-N)
02/14/2006Communicated to Senate
02/15/2006Constitutional reading dispensed
02/15/2006Referred to Committee on General Laws and Technology
02/22/2006Reported from General Laws and Technology (13-Y 0-N 1-A)
02/24/2006Constitutional reading dispensed (39-Y 0-N)
02/24/2006VOTE: (39-Y 0-N)
02/27/2006Read third time
02/27/2006Passed Senate (36-Y 0-N 2-A)
02/27/2006VOTE: (36-Y 0-N 2-A)
03/06/2006Bill text as passed House and Senate (HB693ER)
03/07/2006Signed by Speaker
03/08/2006Signed by President
03/08/2006Fiscal impact statement from DPB (HB693ER)
04/05/2006G Approved by Governor-Chapter 653 (effective 7/1/06)
04/14/2006G Acts of Assembly Chapter text (CHAP0653)