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

Bill Has Passed

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22104098D
01/12/2022Referred to Committee on General Laws and Technology
01/19/2022Reported from General Laws and Technology (15-Y 0-N) (see vote tally)
01/20/2022Impact statement from DPB (SB533)
01/21/2022Constitutional reading dispensed (37-Y 0-N) (see vote tally)
01/24/2022Read second time and engrossed
01/25/2022Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/22/2022Placed on Calendar
02/22/2022Read first time
02/22/2022Referred to Committee on General Laws
02/23/2022Assigned GL sub: Subcommittee #1
02/24/2022Subcommittee recommends reporting (8-Y 0-N)
03/01/2022Reported from General Laws (22-Y 0-N) (see vote tally)
03/03/2022Read second time
03/04/2022Read third time
03/04/2022Passed House BLOCK VOTE (99-Y 0-N)
03/04/2022VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
03/09/2022Enrolled
03/09/2022Bill text as passed Senate and House (SB533ER)
03/09/2022Signed by Speaker
03/10/2022Signed by President
03/15/2022Impact statement from DPB (SB533ER)
03/22/2022Enrolled Bill Communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 380 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0380)

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