Condominium and Property Owners' Association Acts; delivery of resale certificates packets, etc. (HB2016)

Introduced By

Del. Terrie Suit (R-Virginia Beach)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


03/21/2007: signed by governor


01/08/2007Prefiled and ordered printed; offered 01/10/07 075220520
01/08/2007Referred to Committee on General Laws
01/12/2007Assigned GL sub: #1 Housing (Suit)
02/02/2007Committee substitute printed 070889520-H1
02/03/2007Read first time
02/05/2007Committee substitute agreed to 070889520-H1
02/05/2007Engrossed by House - committee substitute HB2016H1
02/06/2007Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/06/2007Communicated to Senate
02/07/2007Constitutional reading dispensed
02/07/2007Referred to Committee on General Laws and Technology
02/16/2007Constitutional reading dispensed (39-Y 0-N)
02/16/2007VOTE: (39-Y 0-N) (see vote tally)
02/19/2007Read third time
02/19/2007Passed Senate (40-Y 0-N)
02/19/2007VOTE: (40-Y 0-N) (see vote tally)
02/28/2007Bill text as passed House and Senate (HB2016ER)
03/01/2007Signed by Speaker
03/02/2007Signed by President
03/21/2007G Approved by Governor-Chapter 696 (effective 7/1/07)
04/05/2007G Acts of Assembly Chapter text (CHAP0696)

Duplicate Bills

The following bills are identical to this one: SB844.