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SB514

Real Estate Board; powers and duties, escrow funds.

Status:
Enacted

Chief Patron:
Dave Suetterlein (R)

Session:
2018 Regular Session

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 (the Board) include real 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) requires the Board to develop a form to be signed by the parties to a real estate transaction to acknowledge that the purchaser has been advised to review the residential property disclosure statement on the Board's website. The bill also clarifies that the Board is required to make available on its website the disclosure form mandated by the Virginia Residential Property Disclosure Act (§ 55-517 et seq.). Provisions of the bill amending the curriculum and instruction requirements have a delayed effective date of January 1, 2019. This bill is identical to HB 864. (Less)

  • Bill History

  • 01/09/2018 - Senate: Prefiled and ordered printed; offered 01/10/18 18104554D
  • 01/09/2018 - Senate: Referred to Committee on General Laws and Technology
  • 01/19/2018 - Senate: Impact statement from DPB (SB514)
  • 01/22/2018 - Senate: Reported from General Laws and Technology with substitute (15-Y 0-N)
  • 01/22/2018 - Senate: Committee substitute printed 18105702D-S1
  • 01/24/2018 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 01/25/2018 - Senate: Read second time
  • 01/25/2018 - Senate: Reading of substitute waived
  • 01/25/2018 - Senate: Committee substitute agreed to 18105702D-S1
  • 01/25/2018 - Senate: Engrossed by Senate - committee substitute SB514S1
  • 01/26/2018 - Senate: Read third time and passed Senate (39-Y 0-N)
  • 01/29/2018 - Senate: Impact statement from DPB (SB514S1)
  • 01/31/2018 - House: Placed on Calendar
  • 01/31/2018 - House: Read first time
  • 01/31/2018 - House: Referred to Committee on General Laws
  • 02/15/2018 - House: Reported from General Laws (22-Y 0-N)
  • 02/19/2018 - House: Read second time
  • 02/20/2018 - House: Read third time
  • 02/20/2018 - House: Passed House BLOCK VOTE (100-Y 0-N)
  • 02/20/2018 - House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
  • 02/22/2018 - Senate: Enrolled
  • 02/22/2018 - Senate: Bill text as passed Senate and House (SB514ER)
  • 02/22/2018 - Senate: Impact statement from DPB (SB514ER)
  • 02/22/2018 - House: Signed by Speaker
  • 02/23/2018 - Senate: Signed by President
  • 02/26/2018 - Senate: Enrolled Bill Communicated to Governor on February 26, 2018
  • 02/26/2018 - Governor: Governor's Action Deadline Midnight, March 5, 2018
  • 03/02/2018 - Governor: Approved by Governor-Chapter 86 (effective - see bill)
  • 03/02/2018 - Governor: Acts of Assembly Chapter text (CHAP0086)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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