Home service contract providers; SCC authorized to deny an initial application based on its review. (HB304)
Introduced By
Del. Terry Kilgore (R-Gate City)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Home service contract providers. Authorizes the State Corporation Commission (SCC)to deny an initial license application for a home service contract provider based on its review of the financial statements and any reports, certificates, or other documents filed with the SCC. The measure also changes the license renewal cycle for home service contract providers from a biennial process to an annual process beginning July 1, 2017, and revises the application fee from $1,000 biennially to $500 annually. Other provisions (i) clarify that the Virginia reserve requirement for such companies is determined by taking the gross consideration received for all home service contracts, less the claims paid, and then multiplying the remainder by 40 percent; (ii) clarify that the deposit requirement to become licensed as a home service contract provider is to be based on service contracts issued and in force in the Commonwealth; and (iii) replace a reference to "premiums" with "provider fees" because home service contracts are not insurance. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/04/2016 | Committee |
01/04/2016 | Prefiled and ordered printed; offered 01/13/16 16101552D |
01/04/2016 | Referred to Committee on Commerce and Labor |
01/10/2016 | Impact statement from SCC (HB304) |
02/04/2016 | Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally) |
02/04/2016 | Committee substitute printed 16105224D-H1 |
02/08/2016 | Read first time |
02/09/2016 | Read second time |
02/09/2016 | Committee substitute agreed to 16105224D-H1 |
02/09/2016 | Engrossed by House - committee substitute HB304H1 |
02/10/2016 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/10/2016 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
02/11/2016 | Constitutional reading dispensed |
02/11/2016 | Referred to Committee on Commerce and Labor |
02/11/2016 | Impact statement from SCC (HB304H1) |
02/15/2016 | Reported from Commerce and Labor with amendment (15-Y 0-N) (see vote tally) |
02/16/2016 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
02/17/2016 | Read third time |
02/17/2016 | Reading of amendment waived |
02/17/2016 | Committee amendment agreed to |
02/17/2016 | Emergency clause added |
02/17/2016 | Engrossed by Senate as amended |
02/17/2016 | Passed Senate with amendment (40-Y 0-N) (see vote tally) |
02/18/2016 | Placed on Calendar |
02/19/2016 | Senate amendment agreed to by House (98-Y 0-N) |
02/19/2016 | VOTE: ADOPTION (98-Y 0-N) (see vote tally) |
02/22/2016 | Enrolled |
02/22/2016 | Bill text as passed House and Senate (HB304ER) |
02/22/2016 | Signed by Speaker |
02/22/2016 | Signed by President |
02/22/2016 | Enrolled Bill communicated to Governor on 2/22/16 |
02/22/2016 | G Governor's Action Deadline Midnight, February 29, 2016 |
02/23/2016 | Impact statement from SCC (HB304ER) |
02/29/2016 | G Approved by Governor-Chapter 55 (effective 2/29/16) |
02/29/2016 | G Acts of Assembly Chapter text (CHAP0055) |