Home service contract providers; shifts responsibility for regulating to Commissioner of the DACS. (HB1542)
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. Shifts responsibility for regulating home service contract providers from the State Corporation Commission to the Commissioner of the Department of Agriculture and Consumer Services. The measure provides that home service contracts are not contracts of insurance and are not subject to regulation under the Commonwealth's insurance laws. Home service contracts are agreements to perform the service repair, replacement, or maintenance, or indemnification therefor, with regard to components, parts, appliances, or systems of a residential home property. Providers of such contracts are required to register with the Commissioner, which registration shall not require filing of forms or rate information. Providers are required to maintain a funded reserve account for their obligations under the contracts that is not less than 40 percent of gross consideration received, less claims paid, on the sale of the home service contract for all in-force home service contracts sold in the Commonwealth. Providers are also required to file a bond with the Commissioner. In lieu of the requirements for a reserve account and bond, a provider may demonstrate financial responsibility by filing a copy of a liability insurance policy that covers 100 percent of the provider's home service contract liabilities. The measure includes provisions addressing the adoption of regulations, investigations, production of records, and penalties for violations that are similar to the existing provisions applicable to extended service contract providers. Providers with a net worth in excess of $100 million are exempt from the provisions of the measure. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/28/2016 | Committee |
12/28/2016 | Prefiled and ordered printed; offered 01/11/17 17100808D |
12/28/2016 | Referred to Committee on Commerce and Labor |
01/17/2017 | Impact statement from DPB (HB1542) |
01/26/2017 | Reported from Commerce and Labor with substitute (21-Y 0-N) (see vote tally) |
01/26/2017 | Committee substitute printed 17104686D-H1 |
01/30/2017 | Read first time |
01/31/2017 | Passed by for the day |
02/01/2017 | Read second time |
02/01/2017 | Committee substitute agreed to 17104686D-H1 |
02/01/2017 | Engrossed by House - committee substitute HB1542H1 |
02/02/2017 | Read third time and passed House (94-Y 1-N) |
02/02/2017 | VOTE: PASSAGE (94-Y 1-N) (see vote tally) |
02/03/2017 | Constitutional reading dispensed |
02/03/2017 | Referred to Committee on Commerce and Labor |
02/07/2017 | Impact statement from DPB (HB1542H1) |
02/13/2017 | Reported from Commerce and Labor with substitute (14-Y 0-N) (see vote tally) |
02/13/2017 | Committee substitute printed 17105419D-S1 |
02/15/2017 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/16/2017 | Read third time |
02/16/2017 | Reading of substitute waived |
02/16/2017 | Committee substitute agreed to 17105419D-S1 |
02/16/2017 | Engrossed by Senate - committee substitute HB1542S1 |
02/16/2017 | Passed Senate with substitute (39-Y 0-N) (see vote tally) |
02/16/2017 | Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (see vote tally) |
02/16/2017 | Passed Senate with substitute (40-Y 0-N) (see vote tally) |
02/20/2017 | Placed on Calendar |
02/20/2017 | Senate substitute agreed to by House 17105419D-S1 (93-Y 1-N) |
02/20/2017 | VOTE: ADOPTION (93-Y 1-N) (see vote tally) |
02/21/2017 | Impact statement from DPB (HB1542S1) |
02/23/2017 | Enrolled |
02/23/2017 | Bill text as passed House and Senate (HB1542ER) |
02/23/2017 | Signed by Speaker |
02/24/2017 | Impact statement from DPB (HB1542ER) |
02/24/2017 | Signed by President |
02/28/2017 | Enrolled Bill communicated to Governor on 2/28/17 |
02/28/2017 | G Governor's Action Deadline Midnight, March 27, 2017 |
03/24/2017 | G Approved by Governor-Chapter 727 (effective 1/1/18) |
03/24/2017 | G Acts of Assembly Chapter text (CHAP0727) |
Video
This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 50 seconds.
Transcript
This is a transcript of the video clips in which this bill is discussed.
COALFIELDS. 9.3 MILLION. IF WE SAVE THAT, WE'VE GOT 9.3 MILLION TO PUT IN THE COALFIELDS. THAT WOULD HELP THAT INITIATIVE, IT WOULD HELP A LOT OF PEOPLE IN THE COALFIELDS. I SUBMIT TO THE BODY THAT IF WE REJECT THIS BILL, WE'LL HAVE 9.3 MILLION TO DO WHAT FOLKS IN THE COALFIELDS WANT, AND THAT IS TO GET SOME ECONOMIC ACTIVITY. THANK YOU, MR. SPEAKER.Del. Terry Kilgore (R-Gate City): MR. SPEAKER? MR. SPEAKER? THE GENTLEMAN FROM MONTGOMERY, MR. RUSH.
Del. Nick Rush (R-Christiansburg): SPEAKING TO THE BILL.
Del. Bill Howell (R-Fredericksburg): GENTLEMAN HAS THE FLOOR.
Del. Nick Rush (R-Christiansburg): MR. SPEAKER, THE REASON WE HAD TO DO THE 10, 10, 10 PLAN WAS BECAUSE OF DECLINING ENROLLMENTS. THIS TAX CREDIT WILL HELP WITH JOBS AND KEEPING FAMILIES IN