Deeds of trust; fiduciary duties. (HB1391)

Introduced By

Del. Jay Leftwich (R-Chesapeake)

Progress

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

Description

Deeds of trust; fiduciary duties. Specifies that a trustee under a deed of trust has only the duties, rights, and obligations imposed and conferred on it by the deed of trust or by statute. The bill further requires that a trustee shall comply with all restrictive covenants regarding the affordability of the property and that a trustee under a deed of trust is a fiduciary for both the debtor and the creditor. This bill is in response to Crosby v. ALG Trustee, LLC, 296 Va. 561 (2018). Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2020Committee
01/08/2020Prefiled and ordered printed; offered 01/08/20 20102582D
01/08/2020Referred to Committee for Courts of Justice
01/29/2020House committee, floor amendments and substitutes offered
01/29/2020Subcommittee recommends reporting with substitute (7-Y 1-N)
02/05/2020Committee substitute printed 20106945D-H1
02/05/2020Reported from Courts of Justice with substitute (17-Y 5-N) (see vote tally)
02/06/2020Read first time
02/07/2020Read second time
02/07/2020Committee substitute agreed to 20106945D-H1
02/07/2020Engrossed by House - committee substitute HB1391H1
02/10/2020Read third time and passed House (79-Y 20-N)
02/10/2020VOTE: Passage (79-Y 20-N) (see vote tally)
02/11/2020Constitutional reading dispensed
02/11/2020Referred to Committee on the Judiciary
02/24/2020Committee substitute printed to LIS only 20108839D-S1
02/24/2020Passed by indefinitely in Judiciary (13-Y 2-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 45 seconds.

Duplicate Bills

The following bills are identical to this one: SB253.

Comments

Virginia Poverty Law Center, tracking this bill in Photosynthesis, notes:

VPLC opposes

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)