Common Interest Community Board; developer may obtain surety bond or letter of credit. (HB674)

Introduced By

Del. Glenn Davis (R-Virginia Beach)

Progress

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

Description

Virginia Real Estate Time-Share Act; Common Interest Community Board; developer may obtain surety bond or letter of credit. Provides that in lieu of escrowing deposits made in connection with the purchase or reservation of a time-share product a developer may obtain a corporate surety bond or letter of credit with the Common Interest Community Board where the time-share project consists of more than 25 units. Currently, the developer is required to escrow the individual deposits for every purchase and file with the Board a bond or letter of credit or cash for the purpose of protecting all deposits. This bill is identical to SB 443. Amends § 55-375, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2018Committee
01/09/2018Prefiled and ordered printed; offered 01/10/18 18104470D
01/09/2018Referred to Committee on General Laws
01/19/2018Assigned GL sub: Subcommittee #2
01/25/2018Subcommittee recommends reporting (8-Y 0-N)
01/30/2018Reported from General Laws (22-Y 0-N) (see vote tally)
02/01/2018Read first time
02/02/2018Read second time and engrossed
02/05/2018Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/05/2018VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/06/2018Constitutional reading dispensed
02/06/2018Referred to Committee on General Laws and Technology
02/12/2018Reported from General Laws and Technology (14-Y 0-N) (see vote tally)
02/14/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/15/2018Read third time
02/15/2018Passed Senate (40-Y 0-N) (see vote tally)
02/19/2018Enrolled
02/19/2018Bill text as passed House and Senate (HB674ER)
02/19/2018Signed by Speaker
02/21/2018Signed by President
02/22/2018Enrolled Bill communicated to Governor on 2/22/18
02/22/2018G Governor's Action Deadline Midnight, March 1, 2018
02/26/2018G Approved by Governor-Chapter 33 (effective 7/1/18)
02/26/2018G Acts of Assembly Chapter text (CHAP0033)

Duplicate Bills

The following bills are identical to this one: SB443.