Real Estate Board; powers and duties, escrow funds. (HB864)

Introduced By

Del. Riley Ingram (R-Hopewell) with support from co-patron Del. Marcus Simon (D-Falls Church)

Progress

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

Description

Real Estate Board; powers and duties; escrow funds; education. Establishes notice provisions and required procedures to be followed in the case of escrow funds held by a real estate broker in the event of termination of a real estate purchase contract. In addition, the bill requires that the curricula for new licensees of the Real Estate Board include real estate-related finance as one of the topics and requires the Board to establish guidelines for a post-license educational curriculum for real estate salespersons consisting of at least 30 hours of instruction to be completed within one year from the last day of the month in which the initial license was issued. The bill (i) adds to the curriculum for broker continuing education courses the requirement that at least two hours of instruction include an overview of broker supervision requirements under Virginia law and Board regulations and (ii) provides for the Board to develop a form for signature by the parties to a real estate transaction that advises the purchaser to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.) available on the Board's website. Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to SB 514. Amends § 54.1-2105, § 54.1-2105.01, § 54.1-2105.1, § 54.1-2137, § 55-519, § 55-520, § 55-525, 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 18104433D
01/09/2018Referred to Committee on General Laws
01/19/2018Assigned GL sub: Subcommittee #2
01/25/2018Subcommittee recommends reporting with substitute (8-Y 0-N)
01/29/2018Impact statement from DPB (HB864)
01/30/2018Reported from General Laws with substitute (22-Y 0-N) (see vote tally)
01/30/2018Committee substitute printed 18105718D-H1
02/01/2018Impact statement from DPB (HB864H1)
02/01/2018Read first time
02/02/2018Read second time
02/02/2018Committee substitute agreed to 18105718D-H1
02/02/2018Engrossed by House - committee substitute HB864H1
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 (HB864ER)
02/19/2018Impact statement from DPB (HB864ER)
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
02/28/2018G Approved by Governor-Chapter 60 (effective - see bill)
02/28/2018G Acts of Assembly Chapter text (CHAP0060)