Virginia Real Estate Time-Share Act; developer control in time-share estate program, etc. (SB772)

Introduced By

Sen. Frank Wagner (R-Virginia Beach)

Progress

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

Description

Virginia Real Estate Time-Share Act; developer control period. Provides that in addition to the current developer control termination provisions and to the extent that the purchase contract or timeshare instrument do 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 purchaser's 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. The bill includes a second enactment clause stating the intent of the General Assembly that the provisions of this act apply retroactively to all registered time-share projects to the extent that individual purchase contracts do not provide otherwise.

Amends § 55-369, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/18/2012Prefiled and ordered printed; offered 01/09/13 13102244D
12/18/2012Referred to Committee on General Laws and Technology
01/14/2013Reported from General Laws and Technology (8-Y 7-N) (see vote tally)
01/15/2013Impact statement from DPB (SB772)
01/16/2013Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/17/2013Read second time and engrossed
01/18/2013Read third time and passed Senate (34-Y 3-N) (see vote tally)
01/25/2013Placed on Calendar
01/25/2013Read first time
01/25/2013Referred to Committee on General Laws
02/07/2013Reported from General Laws with substitute (19-Y 0-N) (see vote tally)
02/07/2013Committee substitute printed 13105007D-H1
02/11/2013Read second time
02/12/2013Read third time
02/12/2013Committee substitute agreed to 13105007D-H1
02/12/2013Engrossed by House - committee substitute SB772H1
02/12/2013Passed House with substitute (100-Y 0-N)
02/12/2013VOTE: PASSAGE (100-Y 0-N) (see vote tally)
02/14/2013Impact statement from DPB (SB772H1)
02/14/2013House substitute agreed to by Senate (39-Y 1-N) (see vote tally)
02/14/2013Reconsideration of House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
02/14/2013Passed by for the day
02/15/2013Passed by temporarily
02/15/2013House substitute rejected by Senate (1-Y 38-N) (see vote tally)
02/18/2013House insisted on substitute
02/18/2013House requested conference committee
02/19/2013Senate acceded to request (40-Y 0-N) (see vote tally)
02/19/2013Conferees appointed by Senate
02/19/2013Senators: Wagner, Reeves, Petersen
02/21/2013Conferees appointed by House
02/21/2013Delegates: Cosgrove, Helsel, Bulova
02/23/2013Conference report agreed to by House (97-Y 0-N)
02/23/2013VOTE: ADOPTION (97-Y 0-N) (see vote tally)
02/23/2013Conference report agreed to by Senate (39-Y 0-N) (see vote tally)
02/23/2013Reconsideration of conference report agreed to by Senate (40-Y 0-N) (see vote tally)
02/23/2013Conference report agreed to by Senate (38-Y 1-N) (see vote tally)
03/04/2013Enrolled
03/04/2013Bill text as passed Senate and House (SB772ER)
03/04/2013Signed by President
03/05/2013Signed by Speaker
03/06/2013Impact statement from DPB (SB772ER)
03/13/2013G Approved by Governor-Chapter 327 (effective 7/1/13)
03/13/2013G Acts of Assembly Chapter text (CHAP0327)

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 3 minutes.