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2010 SESSION
HB 417 Exchange Facilitators Act; established.
Introduced by: G. Glenn Oder | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Exchange Facilitators Act; established. Establishes requirements for the activities of exchange facilitators, who are persons that for a fee, enter into an agreement with a taxpayer to act as (i) a qualified intermediary in an exchange of like-kind property, (ii) an Exchange Accommodation Titleholder, or (iii) a qualified trustee or escrow holder. Exchange facilitators are required to notify exchange clients of change in control of the exchange facilitator; to maintain exchange funds in separately identified accounts or in a qualified escrow or qualified trust; to maintain errors and omissions insurance or deposit cash or letters of credit; and to account for moneys and property. Persons who engage in the business of an exchange facilitator are prohibited from making misrepresentations, failing to account for moneys or property of others, engaging in fraudulent or dishonest dealings, committing certain crimes, or materially failing to fulfill contractual duties to an exchange client. Violations are subject to a civil penalty of up to $2,500. The Attorney General, attorney for the Commonwealth, or attorney for a locality may recover costs and reasonable expenses, including attorney fees, in any action brought under the Exchange Facilitators Act. This bill is recommended by the Virginia Housing Commission.
FULL TEXT
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10100869D pdf
- 01/21/10 House: Committee substitute printed 10104306D-H1 pdf
- 03/09/10 House: Bill text as passed House and Senate (HB417ER) pdf | impact statement
- 04/11/10 Governor: Acts of Assembly Chapter text (CHAP0409) pdf
AMENDMENTS
HISTORY
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10100869D
- 01/12/10 House: Referred to Committee on Commerce and Labor
- 01/21/10 House: Reported from Commerce and Labor with substitute (22-Y 0-N)
- 01/21/10 House: Committee substitute printed 10104306D-H1
- 01/25/10 House: Read first time
- 01/26/10 House: Read second time
- 01/26/10 House: Committee substitute agreed to 10104306D-H1
- 01/26/10 House: Engrossed by House - committee substitute HB417H1
- 01/27/10 House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 01/27/10 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 01/28/10 Senate: Constitutional reading dispensed
- 01/28/10 Senate: Referred to Committee on Commerce and Labor
- 02/22/10 Senate: Reported from Commerce and Labor with amendments (15-Y 0-N)
- 02/24/10 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/25/10 Senate: Read third time
- 02/25/10 Senate: Reading of amendments waived
- 02/25/10 Senate: Committee amendments agreed to
- 02/25/10 Senate: Engrossed by Senate as amended
- 02/25/10 Senate: Passed Senate with amendments (40-Y 0-N)
- 02/26/10 House: Placed on Calendar
- 03/01/10 House: Senate amendments agreed to by House (99-Y 0-N)
- 03/01/10 House: VOTE: --- ADOPTION (99-Y 0-N)
- 03/09/10 House: Enrolled
- 03/09/10 House: Bill text as passed House and Senate (HB417ER)
- 03/09/10 House: Signed by Speaker
- 03/11/10 Senate: Signed by President
- 04/11/10 Governor: Approved by Governor-Chapter 409 (effective 7/1/10)
- 04/11/10 Governor: Acts of Assembly Chapter text (CHAP0409)