Condominium association funds; fiduciary management, permissible investments. (HB13)

Introduced By

Del. Lee Ware (R-Powhatan)

Progress

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

Description

Fiduciary management of condominium association funds; permissible investments. Authorizes the fiduciary managing agent of a condominium association to invest managed funds in United States securities or maintain a limited amount of managed funds in a money market account that invests in United States securities or other financial instruments guaranteed by securities of the United States. Under current law, a fiduciary managing agent may only keep association funds in a trust account in a federally insured financial institution. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
11/19/2019Prefiled and ordered printed; offered 01/08/20 20100062D
11/19/2019Committee
11/19/2019Referred to Committee on General Laws
01/15/2020Assigned GL sub: Housing/Consumer Protection
01/24/2020Impact statement from DPB (HB13)
02/06/2020Subcommittee recommends striking from docket (8-Y 0-N)
02/06/2020Stricken from docket by General Laws (20-Y 1-N) (see vote tally)

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