SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2006 SESSION
HB 693 Real Estate Time-Share Act; provides for nonjudicial foreclosure of liens.
Introduced by: Terrie L. Suit | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Real Estate Time-Share Act; nonjudicial foreclosure; termination of time-share program; public offering statement; resale certificate. Provides for nonjudicial foreclosure of liens by the time-share association and sets out the process therefor. The bill, among other things, also (i) provides that, without permission of such member, the name, address, telephone number and other personal information about a time-share owner or member of the association are not open to inspection by association members; (ii) provides that the association is not required to produce records that are a matter of public record or are otherwise readily available from another source; (iii) allows the developer to terminate a time-share project if he is the sole owner of all of the time-shares; (iv) provides that the offering or sale of any product that is registered with the Real Estate Board is exempt from the Wet Settlement Act; (v) allows a developer to post a letter of credit or cash with the Real Estate Board for the protection of escrowed purchase deposits; (vi) gives the developer 180 days after a sale to record the deed; and (vii) provides that if the developer has substantially complied in good faith with the Virginia Time-Share Act, a nonmaterial error or omission is not actionable and the purchaser cannot cancel his purchase contract after the expiration of the cancellation period. Finally, the bill contains technical amendments.
FULL TEXT
- 01/10/06 House: Prefiled and ordered printed; offered 01/11/06 067685520 pdf | impact statement
- 03/06/06 House: Bill text as passed House and Senate (HB693ER) pdf | impact statement
- 04/14/06 Governor: Acts of Assembly Chapter text (CHAP0653) pdf
HISTORY
- 01/10/06 House: Prefiled and ordered printed; offered 01/11/06 067685520
- 01/10/06 House: Referred to Committee on General Laws
- 01/18/06 House: Assigned to General Laws sub-committee: #1 Housing (Suit)
- 02/09/06 House: Reported from General Laws (20-Y 1-N)
- 02/11/06 House: Read first time
- 02/13/06 House: Read second time and engrossed
- 02/14/06 House: Read third time and passed House (99-Y 1-N)
- 02/14/06 House: VOTE: PASSAGE (99-Y 1-N)
- 02/14/06 House: Communicated to Senate
- 02/15/06 Senate: Constitutional reading dispensed
- 02/15/06 Senate: Referred to Committee on General Laws and Technology
- 02/22/06 Senate: Reported from General Laws and Technology (13-Y 0-N 1-A)
- 02/24/06 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/24/06 Senate: VOTE: (39-Y 0-N)
- 02/27/06 Senate: Read third time
- 02/27/06 Senate: Passed Senate (36-Y 0-N 2-A)
- 02/27/06 Senate: VOTE: (36-Y 0-N 2-A)
- 03/06/06 House: Bill text as passed House and Senate (HB693ER)
- 03/07/06 House: Enrolled
- 03/07/06 House: Signed by Speaker
- 03/08/06 Senate: Signed by President
- 04/05/06 Governor: Approved by Governor-Chapter 653 (effective 7/1/06)
- 04/14/06 Governor: Acts of Assembly Chapter text (CHAP0653)