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