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2013 SESSION
HB 1630 Virginia Real Estate Time-Share Act; developer control in time-share estate program, etc.
Introduced by: John A. Cosgrove-resigned 8/16 | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Real Estate Time-Share Act; developer control in time-share estate program; control liens; foreclosure procedure. Provides that in addition to the current developer control termination provisions and to the extent that the purchase contract or time-share instrument does not expressly provide otherwise, the developer control period shall terminate when the developer is no longer the beneficiary on deeds of trust secured on at least 20 percent of the time-share estates. Under current law, the transfer must occur when the developer has (i) transferred to purchasers legal or equitable ownership of at least 90 percent of the time-share estates or (ii) completed all of the promised common elements and facilities comprising the time-share estate project, whichever occurs last. Under the bill, the commissioner of accounts to whom an account of sale is returned in connection with the foreclosure shall be entitled to a fee, not to exceed (a) $70, on each foreclosure of a lien on a time-share estate for unpaid past due regular and special assessments and (b) $125 per foreclosure of a purchase money deed of trust taken back by the developer. The bill includes a second enactment clause stating the intent of the General Assembly that the provisions of the bill relating to the developer control period shall apply retroactively to all registered time-share projects to the extent that the purchase contract or time-share instrument does not expressly provide otherwise. The bill is a recommendation of the Virginia Housing Commission. This bill is identical to SB 772.
FULL TEXT
- 01/07/13 House: Prefiled and ordered printed; offered 01/09/13 13100747D pdf | impact statement
- 01/29/13 House: Printed as engrossed 13100747D-E pdf | impact statement
- 02/23/13 House: Bill text as passed House and Senate (HB1630ER) pdf | impact statement
- 03/13/13 Governor: Acts of Assembly Chapter text (CHAP0259) pdf
AMENDMENTS
HISTORY
- 01/07/13 House: Prefiled and ordered printed; offered 01/09/13 13100747D
- 01/07/13 House: Referred to Committee for Courts of Justice
- 01/14/13 House: Referred from Courts of Justice by voice vote
- 01/14/13 House: Referred to Committee on General Laws
- 01/14/13 House: Assigned GL sub: #1 Housing
- 01/23/13 House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
- 01/24/13 House: Reported from General Laws with amendment (22-Y 0-N)
- 01/28/13 House: Read first time
- 01/29/13 House: Read second time
- 01/29/13 House: Committee amendment agreed to
- 01/29/13 House: Engrossed by House as amended HB1630E
- 01/29/13 House: Printed as engrossed 13100747D-E
- 01/30/13 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 01/30/13 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 01/31/13 Senate: Constitutional reading dispensed
- 01/31/13 Senate: Referred to Committee on General Laws and Technology
- 02/11/13 Senate: Reported from General Laws and Technology (14-Y 0-N)
- 02/11/13 Senate: Rereferred to Courts of Justice
- 02/15/13 Senate: Reported from Courts of Justice with amendment (13-Y 0-N)
- 02/18/13 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/19/13 Senate: Read third time
- 02/19/13 Senate: Reading of amendment waived
- 02/19/13 Senate: Committee amendment agreed to
- 02/19/13 Senate: Engrossed by Senate as amended
- 02/19/13 Senate: Passed Senate with amendment (40-Y 0-N)
- 02/19/13 House: Placed on Calendar
- 02/21/13 House: Senate amendment agreed to by House (95-Y 1-N)
- 02/21/13 House: VOTE: ADOPTION (95-Y 1-N)
- 02/23/13 House: Enrolled
- 02/23/13 House: Bill text as passed House and Senate (HB1630ER)
- 02/23/13 House: Signed by Speaker
- 02/23/13 Senate: Signed by President
- 03/13/13 Governor: Approved by Governor-Chapter 259 (effective 7/1/13)
- 03/13/13 Governor: Acts of Assembly Chapter text (CHAP0259)