Common Interest Community Board; developer may obtain surety bond or letter of credit. (SB443)

Introduced By

Sen. John Cosgrove (R-Chesapeake)

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 HB 674. Amends § 55-375, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/09/2018Prefiled and ordered printed; offered 01/10/18 18104471D
01/09/2018Referred to Committee on General Laws and Technology
01/15/2018Impact statement from DPB (SB443)
01/15/2018Reported from General Laws and Technology (14-Y 0-N) (see vote tally)
01/17/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/18/2018Read second time and engrossed
01/19/2018Read third time and passed Senate (39-Y 0-N) (see vote tally)
01/23/2018Placed on Calendar
01/23/2018Read first time
01/23/2018Referred to Committee on General Laws
02/15/2018Reported from General Laws (22-Y 0-N) (see vote tally)
02/19/2018Read second time
02/20/2018Read third time
02/20/2018Passed House BLOCK VOTE (100-Y 0-N)
02/20/2018VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/22/2018Enrolled
02/22/2018Bill text as passed Senate and House (SB443ER)
02/22/2018Impact statement from DPB (SB443ER)
02/22/2018Signed by Speaker
02/23/2018Signed by President
02/26/2018Enrolled Bill Communicated to Governor on February 26, 2018
02/26/2018G Governor's Action Deadline Midnight, March 5, 2018
03/02/2018G Approved by Governor-Chapter 133 (effective 7/1/18)
03/02/2018G Acts of Assembly Chapter text (CHAP0133)

Duplicate Bills

The following bills are identical to this one: HB674.