Real Estate Time Share Act; obligation for fees and limitation on actions. (HB1077)

Introduced By

Del. Terrie Suit (R-Virginia Beach)

Progress

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

Description

Virginia Real Estate Time Share Act; obligation for fees; limitation on actions; powers of Real Estate Board. Allows a developer, during the developer control period and at any time after the lapse of a purchaser's right of cancellation, and without regard to the recordation of the deed, to collect an annual or specially assessed charge from each time-share estate owner for the payment of the time-share estate occupancy expenses by way of a maintenance fee. The bill also provides that prior to the commencement of any action alleging a failure to comply with the provisions relating to escrow of deposits or the developer's obligation to complete common elements, an aggrieved owner shall first seek a determination from the Real Estate Board as to whether compliance with such provisions has occurred. The Board shall make such determination within 120 days of the request therefore. The bill contains technical amendments. Finally, the bill provides that rescission of a contract shall not be granted by a court unless the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser's right to participate in the time-share program or to own his time-share. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained notwithstanding any other law to the contrary. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2008Committee
01/09/2008Prefiled and ordered printed; offered 01/09/08 081796744
01/09/2008Referred to Committee on General Laws
01/16/2008Impact statement from DPB (HB1077)
01/24/2008Assigned GL sub: Housing
02/05/2008Reported from General Laws with amendments (21-Y 0-N) (see vote tally)
02/06/2008Read first time
02/07/2008Read second time
02/07/2008Committee amendments agreed to
02/07/2008Engrossed by House as amended HB1077E
02/07/2008Printed as engrossed 081796744-E
02/08/2008Read third time and passed House (98-Y 1-N)
02/08/2008VOTE: --- PASSAGE (98-Y 1-N) (see vote tally)
02/08/2008Communicated to Senate
02/11/2008Constitutional reading dispensed
02/11/2008Referred to Committee on General Laws and Technology
02/13/2008Impact statement from DPB (HB1077E)
02/20/2008Reported from General Laws and Technology (14-Y 1-N)
02/22/2008Constitutional reading dispensed (40-Y 0-N)
02/25/2008Read third time
02/25/2008Passed Senate (40-Y 0-N)
02/27/2008Enrolled
02/27/2008Bill text as passed House and Senate (HB1077ER)
02/27/2008Signed by Speaker
02/28/2008Signed by President
02/29/2008Impact statement from DPB (HB1077ER)
03/05/2008G Approved by Governor-Chapter 376 (effective 7/1/08)
03/11/2008G Acts of Assembly Chapter text (CHAP0376)