Consumer Protection Act; prohibited practices involving residential real property. (HB408)

Introduced By

Del. Glenn Oder (R-Newport News) with support from co-patrons Del. Sal Iaquinto (R-Virginia Beach), and Sen. Walter Stosch (R-Glen Allen)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Foreclosure rescue; prohibition; penalties. Prohibits persons from participating in or servicing foreclosure rescues for profit. Classifies any violation of such prohibition as a Class 5 felony and provides a civil cause of action for the same. Read the Bill »


Bill Has Passed


01/04/2008Prefiled and ordered printed; offered 01/09/08 088231668
01/04/2008Referred to Committee on Commerce and Labor
01/07/2008Impact statement from VCSC (HB408)
01/22/2008Referred from Commerce and Labor
01/22/2008Referred to Committee for Courts of Justice
01/24/2008Assigned Courts sub: Criminal
02/01/2008Referred from Courts of Justice
02/01/2008Referred to Committee on General Laws
02/04/2008Impact statement from DPB (HB408)
02/08/2008Reported from General Laws with substitute (21-Y 0-N) (see vote tally)
02/09/2008Committee substitute printed 081867668-H1
02/09/2008Read first time
02/11/2008Read second time
02/11/2008Committee substitute agreed to 081867668-H1
02/11/2008Engrossed by House - committee substitute HB408H1
02/12/2008Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/12/2008VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/12/2008Communicated to Senate
02/13/2008Constitutional reading dispensed
02/13/2008Referred to Committee on General Laws and Technology
02/20/2008Reported from General Laws and Technology with substitute (15-Y 0-N)
02/21/2008Committee substitute printed 082426256-S1
02/22/2008Constitutional reading dispensed (40-Y 0-N)
02/25/2008Read third time
02/25/2008Reading of substitute waived
02/25/2008Committee substitute agreed to 082426256-S1
02/25/2008Engrossed by Senate - committee substitute HB408S1
02/25/2008Passed Senate with substitute (39-Y 0-N)
02/25/2008Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
02/25/2008Passed Senate with substitute (40-Y 0-N)
02/26/2008Placed on Calendar
02/27/2008Senate substitute agreed to by House 082426256-S1 (95-Y 0-N)
02/27/2008VOTE: --- ADOPTION (95-Y 0-N)
02/29/2008Bill text as passed House and Senate (HB408ER)
02/29/2008Signed by Speaker
03/03/2008Signed by President
03/07/2008Governor's recommendation received by House
03/07/2008Placed on Calendar
03/08/2008Enacted, Chapter (effective 7/1/08)
03/08/2008House concurred in Governor's recommendation (97-Y 0-N)
03/08/2008VOTE: --- ADOPTION (97-Y 0-N) (see vote tally)
03/08/2008Senate concurred in Governor's recommendation (40-Y 0-N)
03/08/2008G Governor's recommendation adopted
03/08/2008Reenrolled bill text (HB408ER2)
03/08/2008Signed by Speaker as reenrolled
03/08/2008Signed by President as reenrolled
03/08/2008Enacted, Chapter 485 (effective 7/1/08)
03/10/2008Impact statement from DPB (HB408ER)
03/14/2008G Acts of Assembly Chapter text (CHAP0485)


Cindy writes:

None of you appear to be looking at this on the whole. Not ALL investors who buy houses are scam artists. I may be priced out of my own home in the next few years because Fairfax has raised my property taxes EVERY YEAR (doubled the monthly amount in one year) and I HAD TO REFI FROM A 30 FIXED TO AN ARM TO AFFORD THE TAXES even as my bank reduced the assessed value by 100k "according to internet formulas." What investor would, or COULD, buy a "distressed" property with the express purpose of NOT making a profit.
So, who makes money on foreclosed properties, banks, mortgage brokers, the goverment as property reverts to counties or for tax liens, "non-profit" consumer organizations with high salary they help "save" the poor homeowner, right out onto the street?!?!?
Personally, I would rather have the possibility of someone to buy my house before I would lose all credit standing (currently above 800) and any possibility of buying again at a decent interest rate within 10 years after...and hey, with kids I truly would want to move houses, yank them from school and be unable to afford to buy again until time to spend the money on college. Thank for removing yet another free market perk of a democratic society...the ability to try to solve problems without going on the govvy dole.