Virginia Real Estate Time-Share Act; developer control in time-share estate program, etc. (HB1630)

Introduced By

Sen. John Cosgrove (R-Chesapeake)

Progress

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

Description

Virginia Real Estate Time-Share Act; developer control in time-share estate program; control liens; foreclosure procedure. Provides that in addition to the current developer control termination provisions and to the extent that the purchase contract or time-share instrument does not expressly provide otherwise, the developer control period shall terminate when the developer is no longer the beneficiary on deeds of trust secured on at least 20 percent of the time-share estates. Under current law, the transfer must occur when the developer has (i) transferred to purchasers legal or equitable ownership of at least 90 percent of the time-share estates or (ii) completed all of the promised common elements and facilities comprising the time-share estate project, whichever occurs last. In addition, the bill changes from mandatory to permissive the requirement that the trustee file an accounting of a foreclosure sale of a time-share estate with the commissioner of accounts. Under the bill, if the trustee decides to file an accounting with the commissioner of accounts, the fee is limited to $45. The bill includes a second enactment clause stating the intent of the General Assembly that the provisions of the bill relating to the developer control period shall apply retroactively to all registered time-share projects to the extent that the purchase contract or time-share instrument does not expressly provide otherwise. The bill is a recommendation of the Virginia Housing Commission. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2013Committee
01/07/2013Prefiled and ordered printed; offered 01/09/13 13100747D
01/07/2013Referred to Committee for Courts of Justice
01/14/2013Referred from Courts of Justice
01/14/2013Referred to Committee on General Laws
01/14/2013Assigned GL sub: #1 Housing
01/23/2013Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
01/24/2013Impact statement from DPB (HB1630)
01/24/2013Reported from General Laws with amendment (22-Y 0-N) (see vote tally)
01/28/2013Read first time
01/29/2013Read second time
01/29/2013Committee amendment agreed to
01/29/2013Engrossed by House as amended HB1630E
01/29/2013Printed as engrossed 13100747D-E
01/30/2013Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/30/2013VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/31/2013Constitutional reading dispensed
01/31/2013Referred to Committee on General Laws and Technology
02/11/2013Reported from General Laws and Technology (14-Y 0-N) (see vote tally)
02/11/2013Rereferred to Courts of Justice
02/12/2013Impact statement from DPB (HB1630E)
02/15/2013Reported from Courts of Justice with amendment (13-Y 0-N) (see vote tally)
02/18/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/19/2013Read third time
02/19/2013Reading of amendment waived
02/19/2013Committee amendment agreed to
02/19/2013Engrossed by Senate as amended
02/19/2013Passed Senate with amendment (40-Y 0-N) (see vote tally)
02/19/2013Placed on Calendar
02/21/2013Senate amendment agreed to by House (95-Y 1-N)
02/21/2013VOTE: ADOPTION (95-Y 1-N) (see vote tally)
02/23/2013Enrolled
02/23/2013Bill text as passed House and Senate (HB1630ER)
02/23/2013Signed by Speaker
02/23/2013Signed by President
02/26/2013Impact statement from DPB (HB1630ER)
03/13/2013G Approved by Governor-Chapter 259 (effective 7/1/13)
03/13/2013G Acts of Assembly Chapter text (CHAP0259)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 2 minutes.