HB864
Real Estate Board; powers and duties, escrow funds.
Summary
As Passed House of Origin. Real Estate Board; powers and duties; escrow funds; education.
Establishes notice provisions and required procedures to be followed in the case of escrow funds held by a real estate broker in the event of termination of a real estate purchase contract. In addition, the bill requires that the curricula for new licensees of the Real Estate Board include real ... (More) estate-related finance as one of the topics and requires the Board to establish guidelines for a post-license educational curriculum for real estate salespersons consisting of at least 30 hours of instruction to be completed within one year from the last day of the month in which the initial license was issued. The bill (i) adds to the curriculum for broker continuing education courses the requirement that at least two hours of instruction include an overview of broker supervision requirements under Virginia law and Board regulations and (ii) provides for the Board to develop a form for signature by the parties to a real estate transaction that advises the purchaser to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.) available on the Board's website. Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to SB 514. (Less)-
Bill History
- 01/09/2018 - House: Prefiled and ordered printed; offered 01/10/18 18104433D
- 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 with substitute (8-Y 0-N)
- 01/29/2018 - House: Impact statement from DPB (HB864)
- 01/30/2018 - House: Reported from General Laws with substitute (22-Y 0-N)
- 01/30/2018 - House: Committee substitute printed 18105718D-H1
- 02/01/2018 - House: Impact statement from DPB (HB864H1)
- 02/01/2018 - House: Read first time
- 02/02/2018 - House: Read second time
- 02/02/2018 - House: Committee substitute agreed to 18105718D-H1
- 02/02/2018 - House: Engrossed by House - committee substitute HB864H1
- 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 (HB864ER)
- 02/19/2018 - House: Impact statement from DPB (HB864ER)
- 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
- 02/28/2018 - Governor: Approved by Governor-Chapter 60 (effective - see bill)
- 02/28/2018 - Governor: Acts of Assembly Chapter text (CHAP0060)
