Condominium and Property Owners' Association Acts; delivery of resale certificates packets, etc. (SB844)

Introduced By

Sen. Jeannemarie Devolites Davis (R-Vienna)


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


01/05/2007Prefiled and ordered printed; offered 01/10/07 079099726
01/05/2007Referred to Committee on General Laws and Technology
01/25/2007Committee substitute printed 070888726-S1
01/26/2007Constitutional reading dispensed (38-Y 0-N)
01/26/2007VOTE: (38-Y 0-N) (see vote tally)
01/29/2007Read second time
01/29/2007Reading of substitute waived
01/29/2007Committee substitute agreed to 070888726-S1
01/29/2007Engrossed by Senate - committee substitute SB844S1
01/30/2007Read third time and passed Senate (40-Y 0-N)
01/30/2007Communicated to House
02/03/2007Placed on Calendar
02/03/2007Read first time
02/03/2007Referred to Committee on General Laws
02/05/2007Assigned GL sub: #1 Housing (Suit)
02/12/2007Read second time
02/13/2007Read third time
02/13/2007Committee amendments agreed to
02/13/2007Engrossed by House as amended
02/13/2007Passed House with amendments BLOCK VOTE (99-Y 0-N)
02/15/2007House amendments agreed to by Senate (38-Y 0-N)
02/15/2007VOTE: (38-Y 0-N) (see vote tally)
02/22/2007Bill text as passed Senate and House (SB844ER)
02/23/2007Signed by Speaker
02/24/2007Signed by President
03/21/2007G Approved by Governor-Chapter 712 (effective 7/1/07)
04/05/2007G Acts of Assembly Chapter text (CHAP0712)

Duplicate Bills

The following bills are identical to this one: HB2016.