Exchange Facilitators Act; established. (HB417)

Introduced By

Del. Glenn Oder (R-Newport News)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Exchange Facilitators Act; established.  Creates an act that defines terminology for exchange facilitators, who are persons that for a fee, enter into an agreement with a taxpayer to act as (i) a qualified intermediary in an exchange of like-kind property, (ii) an Exchange Accommodation Titleholder; or (iii) a qualified trustee or escrow holder. The bill requires notification of change in control of the exchange facilitator; separation of accounts and deposit into escrow accounts for the exchange facilitator; separation of identities; errors and omissions insurance, cash, or letters of credit for the exchange facilitator; and accounting for moneys and property, and sets out prohibited acts and penalties. This bill is recommended by the Virginia Housing Commission. Read the Bill »


Bill Has Passed


01/12/2010Prefiled and ordered printed; offered 01/13/10 10100869D
01/12/2010Referred to Committee on Commerce and Labor
01/21/2010Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
01/21/2010Committee substitute printed 10104306D-H1
01/25/2010Read first time
01/26/2010Read second time
01/26/2010Committee substitute agreed to 10104306D-H1
01/26/2010Engrossed by House - committee substitute HB417H1
01/27/2010Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/27/2010VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/28/2010Constitutional reading dispensed
01/28/2010Referred to Committee on Commerce and Labor
02/22/2010Reported from Commerce and Labor with amendments (15-Y 0-N) (see vote tally)
02/24/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/25/2010Read third time
02/25/2010Reading of amendments waived
02/25/2010Committee amendments agreed to
02/25/2010Engrossed by Senate as amended
02/25/2010Passed Senate with amendments (40-Y 0-N) (see vote tally)
02/26/2010Placed on Calendar
03/01/2010Senate amendments agreed to by House (99-Y 0-N)
03/01/2010VOTE: --- ADOPTION (99-Y 0-N) (see vote tally)
03/09/2010Bill text as passed House and Senate (HB417ER)
03/09/2010Signed by Speaker
03/11/2010Signed by President
03/22/2010Impact statement from DPB (HB417ER)
04/11/2010G Approved by Governor-Chapter 409 (effective 7/1/10)
04/11/2010G Acts of Assembly Chapter text (CHAP0409)