Exchange Facilitators Act; established. (HB417)
Introduced By
Del. Glenn Oder (R-Newport News)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
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 »
Outcome
History
Date | Action |
---|---|
01/12/2010 | Committee |
01/12/2010 | Prefiled and ordered printed; offered 01/13/10 10100869D |
01/12/2010 | Referred to Committee on Commerce and Labor |
01/21/2010 | Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally) |
01/21/2010 | Committee substitute printed 10104306D-H1 |
01/25/2010 | Read first time |
01/26/2010 | Read second time |
01/26/2010 | Committee substitute agreed to 10104306D-H1 |
01/26/2010 | Engrossed by House - committee substitute HB417H1 |
01/27/2010 | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
01/27/2010 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
01/28/2010 | Constitutional reading dispensed |
01/28/2010 | Referred to Committee on Commerce and Labor |
02/22/2010 | Reported from Commerce and Labor with amendments (15-Y 0-N) (see vote tally) |
02/24/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/25/2010 | Read third time |
02/25/2010 | Reading of amendments waived |
02/25/2010 | Committee amendments agreed to |
02/25/2010 | Engrossed by Senate as amended |
02/25/2010 | Passed Senate with amendments (40-Y 0-N) (see vote tally) |
02/26/2010 | Placed on Calendar |
03/01/2010 | Senate amendments agreed to by House (99-Y 0-N) |
03/01/2010 | VOTE: --- ADOPTION (99-Y 0-N) (see vote tally) |
03/09/2010 | Enrolled |
03/09/2010 | Bill text as passed House and Senate (HB417ER) |
03/09/2010 | Signed by Speaker |
03/11/2010 | Signed by President |
03/22/2010 | Impact statement from DPB (HB417ER) |
04/11/2010 | G Approved by Governor-Chapter 409 (effective 7/1/10) |
04/11/2010 | G Acts of Assembly Chapter text (CHAP0409) |