Real estate brokers; protection of real estate escrow funds. (SB533)
Introduced By
Sen. Lynwood Lewis (D-Accomac)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Department of Professional and Occupational Regulation; real estate brokers; protection of real estate escrow funds. Clarifies that, upon the ratification of a contract, an earnest money deposit received by the principal broker or supervising broker, or an agent of such principal broker or supervising broker, that will be held in the firm's escrow account shall be placed in such account by the end of the fifth business banking day following ratification, unless otherwise agreed to in writing by the principals to the transaction. The bill provides that if an earnest money deposit received by the principal broker or supervising broker, or an agent of such principal broker or supervising broker, will not be held in the firm's escrow account, the principal broker or supervising broker shall ensure that the earnest money deposit is delivered to the escrow agent named in the contract by the end of the fifth business banking day following receipt of the deposit, unless otherwise agreed to in writing by the principals to the transaction. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/12/2022 | Prefiled and ordered printed; offered 01/12/22 22104098D |
| 01/12/2022 | Referred to Committee on General Laws and Technology |
| 01/19/2022 | Reported from General Laws and Technology (15-Y 0-N) (see vote tally) |
| 01/20/2022 | Impact statement from DPB (SB533) |
| 01/21/2022 | Constitutional reading dispensed (37-Y 0-N) (see vote tally) |
| 01/24/2022 | Read second time and engrossed |
| 01/25/2022 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
| 02/22/2022 | Placed on Calendar |
| 02/22/2022 | Read first time |
| 02/22/2022 | Referred to Committee on General Laws |
| 02/23/2022 | Assigned GL sub: Subcommittee #1 |
| 02/24/2022 | Subcommittee recommends reporting (8-Y 0-N) |
| 03/01/2022 | Reported from General Laws (22-Y 0-N) (see vote tally) |
| 03/03/2022 | Read second time |
| 03/04/2022 | Read third time |
| 03/04/2022 | Passed House BLOCK VOTE (99-Y 0-N) |
| 03/04/2022 | VOTE: Block Vote Passage (99-Y 0-N) (see vote tally) |
| 03/09/2022 | Enrolled |
| 03/09/2022 | Bill text as passed Senate and House (SB533ER) |
| 03/09/2022 | Signed by Speaker |
| 03/10/2022 | Signed by President |
| 03/15/2022 | Impact statement from DPB (SB533ER) |
| 03/22/2022 | Enrolled Bill Communicated to Governor on March 22, 2022 |
| 03/22/2022 | G Governor's Action Deadline 11:59 p.m., April 11, 2022 |
| 04/11/2022 | G Approved by Governor-Chapter 380 (effective 7/1/22) |
| 04/11/2022 | G Acts of Assembly Chapter text (CHAP0380) |