Common interest communities; reserves for capital components, budget. (SB706)

Introduced By

Sen. Scott Surovell (D-Mount Vernon)

Progress

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

Description

Common interest communities; reserves for capital components; budget. Requires the budget for a common interest community to include a statement detailing the amount of any shortage or excess of total cash reserves, as indicated by the five-year cash reserves study, and the amount of such shortage or excess per capita for each member of the association. The bill also provides that the failure of any member of the governing body or officer of the association to comply with provisions relating to reserves for capital components shall constitute prima facie evidence of a breach of fiduciary duty on the part of the board member or officer. Amends § 55-471.1, § 55-514.1, § 55-79.83:1, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2018Prefiled and ordered printed; offered 01/10/18 18104654D
01/10/2018Referred to Committee on General Laws and Technology
01/22/2018Impact statement from DPB (SB706)
01/22/2018Passed by indefinitely in General Laws and Technology with letter (10-Y 0-N) (see vote tally)