HB713: Power of attorney; embezzlement by agent, penalty.

HOUSE BILL NO. 713
Offered January 11, 2012
Prefiled January 11, 2012
A BILL to amend and reenact §§ 26-88 and 26-94 of the Code of Virginia, relating to power of attorney; embezzlement by agent; penalty.
Patron-- Kilgore

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1.  That §§ 26-88 and 26-94 of the Code of Virginia are amended and reenacted as follows:

§ 26-88. Agent's liability.

A. An agent that violates this act is liable to the principal or the principal's successors in interest for the amount required to:

1. Restore the value of the principal's property to what it would have been had the violation not occurred; and

2. Reimburse the principal or the principal's successors in interest for the attorney fees and costs paid on the agent's behalf.

B. An agent that violates this act with the intent to defraud the principal, and thereby converts funds or other property of the principal, is guilty of embezzlement.

§ 26-94. Remedies under other law.

The remedies under this act are not exclusive and do not abrogate any right or, remedy, or penalty, including a court-supervised accounting or criminal prosecution, under the laws of the Commonwealth other than this act.

2.  That the provisions of this act may result in a net increase in periods of imprisonment or commitment. Pursuant to § 30-19.1:4, the estimated amount of the necessary appropriation cannot be determined for periods of imprisonment in state adult correctional facilities; therefore, Chapter 890 of the Acts of Assembly of 2011 requires the Virginia Criminal Sentencing Commission to assign a minimum fiscal impact of $50,000. Pursuant to § 30-19.1:4, the estimated amount of the necessary appropriation is $0 for periods of commitment to the custody of the Department of Juvenile Justice.