Condominium and Property Owners' Association Acts; delivery of resale certificates packets, etc. (HB2016)
Introduced By
Del. Terrie Suit (R-Virginia Beach)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Condominium and Property Owners' Association Acts; insurance; deposit of funds; charges for and delivery of resale certificates/disclosure packets. Requires any managing agent of a condominium and property owners' association to keep funds deposited with the managing agent in fiduciary trust accounts in a federally insured financial institution, and to keep such funds segregated from other assets of the managing agent. The bill also requires condominium associations to obtain a blanket fidelity bond or employee dishonesty insurance policy in a minimum amount of $10,000. The bill allows condominium and property owners' associations to collect a fee for preparation of a resale certificate or disclosure packet, respectively, if the fee is established in the contract between the association and its managing agent and the fee is disclosed on the website of either the association or the managing agent. The bill requires the prompt payment of the above fee to the managing agent who furnishes the resale certificate/disclosure packet. The bill allows either type of association to deliver the resale certificate/disclosure packet by electronic means unless the purchaser or seller requests a paper copy. Currently, delivery by electronic means can only be done with the consent of the seller or purchaser. The bill contains technical amendments. Read the Bill »
Status
03/21/2007: signed by governor
History
Date | Action |
---|---|
01/08/2007 | Committee |
01/08/2007 | Prefiled and ordered printed; offered 01/10/07 075220520 |
01/08/2007 | Referred to Committee on General Laws |
01/12/2007 | Assigned GL sub: #1 Housing (Suit) |
02/02/2007 | Committee substitute printed 070889520-H1 |
02/03/2007 | Read first time |
02/05/2007 | Committee substitute agreed to 070889520-H1 |
02/05/2007 | Engrossed by House - committee substitute HB2016H1 |
02/06/2007 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/06/2007 | Communicated to Senate |
02/07/2007 | Constitutional reading dispensed |
02/07/2007 | Referred to Committee on General Laws and Technology |
02/16/2007 | Constitutional reading dispensed (39-Y 0-N) |
02/16/2007 | VOTE: (39-Y 0-N) (see vote tally) |
02/19/2007 | Read third time |
02/19/2007 | Passed Senate (40-Y 0-N) |
02/19/2007 | VOTE: (40-Y 0-N) (see vote tally) |
02/28/2007 | Enrolled |
02/28/2007 | Bill text as passed House and Senate (HB2016ER) |
03/01/2007 | Signed by Speaker |
03/02/2007 | Signed by President |
03/21/2007 | G Approved by Governor-Chapter 696 (effective 7/1/07) |
04/05/2007 | G Acts of Assembly Chapter text (CHAP0696) |