Virginia Real Estate Transaction Recovery Fund; conforms provisions to Virginia Contractor Fund. (HB1719)

Introduced By

Del. Jim LeMunyon (R-Oak Hill)

Progress

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

Description

Department of Professional and Occupational Regulation; Virginia Contractor Transaction Recovery Fund and Virginia Real Estate Transaction Recovery Fund. Conforms the provisions of the Virginia Real Estate Transaction Recovery Fund to the provisions of the Contractor Transaction Recovery Fund. The bill also makes filing a claim under either fund more consumer friendly and (i) provides a means for the Real Estate Board to determine what constitutes improper or dishonest conduct based on the facts of the case (in the verified claim), if the judgment order is otherwise silent, rather than be forced to deny claimants relief because their attorney or the judge failed to use the correct words; (ii) defines "verified claim," which serves as the basis for determining eligibility and payment from the funds; (iii) requires only certified mail, rather than formal legal service, to file a claim; (iv) clarifies when the clock starts for determining the one-year deadline for filing a claim after a consumer obtains a court judgment; and (v) specifies consumers' necessary legal prerequisites to submitting a claim, including taking all legally available action to collect on the judgment debt. The bill contains technical amendments. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2015Committee
01/12/2015Prefiled and ordered printed; offered 01/14/15 15100421D
01/12/2015Referred to Committee on General Laws
01/19/2015Impact statement from DPB (HB1719)
01/20/2015Assigned GL sub: Subcommittee #4
01/22/2015Subcommittee recommends laying on the table
02/10/2015Left in General Laws