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HB674

Common Interest Community Board; developer may obtain surety bond or letter of credit.

Status:
Enacted

Chief Patron:
Glenn Davis (R)

Session:
2018 Regular Session

Summary

As Introduced. Virginia Real Estate Time-Share Act; Common Interest Community Board; developer may obtain surety bond or letter of credit.

Provides that in lieu of escrowing deposits made in connection with the purchase or reservation of a time-share product a developer may obtain a corporate surety bond or letter of credit with the Common Interest Community Board where the time-share project consists of more than 25 units. Currently, the developer is required to escrow the individual deposits for every purchase and file with the Board a bond or letter of credit or cash for the purpose of protecting all deposits. This bill is identical to SB 443. (Less)

  • Bill History

  • 01/09/2018 - House: Prefiled and ordered printed; offered 01/10/18 18104470D
  • 01/09/2018 - House: Referred to Committee on General Laws
  • 01/19/2018 - House: Assigned GL sub: Subcommittee #2
  • 01/25/2018 - House: Subcommittee recommends reporting (8-Y 0-N)
  • 01/30/2018 - House: Reported from General Laws (22-Y 0-N)
  • 02/01/2018 - House: Read first time
  • 02/02/2018 - House: Read second time and engrossed
  • 02/05/2018 - House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
  • 02/05/2018 - House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
  • 02/06/2018 - Senate: Constitutional reading dispensed
  • 02/06/2018 - Senate: Referred to Committee on General Laws and Technology
  • 02/12/2018 - Senate: Reported from General Laws and Technology (14-Y 0-N)
  • 02/14/2018 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 02/15/2018 - Senate: Read third time
  • 02/15/2018 - Senate: Passed Senate (40-Y 0-N)
  • 02/19/2018 - House: Enrolled
  • 02/19/2018 - House: Bill text as passed House and Senate (HB674ER)
  • 02/19/2018 - House: Signed by Speaker
  • 02/21/2018 - Senate: Signed by President
  • 02/22/2018 - House: Enrolled Bill communicated to Governor on 2/22/18
  • 02/22/2018 - Governor: Governor's Action Deadline Midnight, March 1, 2018
  • 02/26/2018 - Governor: Approved by Governor-Chapter 33 (effective 7/1/18)
  • 02/26/2018 - Governor: Acts of Assembly Chapter text (CHAP0033)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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