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2013 SESSION
SB 772 Virginia Real Estate Time-Share Act; developer control in time-share estate program, etc.
Introduced by: Frank W. Wagner | 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 a 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 HB 1630.
FULL TEXT
- 12/18/12 Senate: Prefiled and ordered printed; offered 01/09/13 13102244D pdf | impact statement
- 02/07/13 House: Committee substitute printed 13105007D-H1 pdf | impact statement
- 03/04/13 Senate: Bill text as passed Senate and House (SB772ER) pdf | impact statement
- 03/13/13 Governor: Acts of Assembly Chapter text (CHAP0327) pdf
AMENDMENTS
HISTORY
- 12/18/12 Senate: Prefiled and ordered printed; offered 01/09/13 13102244D
- 12/18/12 Senate: Referred to Committee on General Laws and Technology
- 01/14/13 Senate: Reported from General Laws and Technology (8-Y 7-N)
- 01/16/13 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/17/13 Senate: Read second time and engrossed
- 01/18/13 Senate: Read third time and passed Senate (34-Y 3-N)
- 01/25/13 House: Placed on Calendar
- 01/25/13 House: Read first time
- 01/25/13 House: Referred to Committee on General Laws
- 02/07/13 House: Reported from General Laws with substitute (19-Y 0-N)
- 02/07/13 House: Committee substitute printed 13105007D-H1
- 02/11/13 House: Read second time
- 02/12/13 House: Read third time
- 02/12/13 House: Committee substitute agreed to 13105007D-H1
- 02/12/13 House: Engrossed by House - committee substitute SB772H1
- 02/12/13 House: Passed House with substitute (100-Y 0-N)
- 02/12/13 House: VOTE: PASSAGE (100-Y 0-N)
- 02/14/13 Senate: House substitute agreed to by Senate (39-Y 1-N)
- 02/14/13 Senate: Reconsideration of House substitute agreed to by Senate (40-Y 0-N)
- 02/14/13 Senate: Passed by for the day
- 02/15/13 Senate: Passed by temporarily
- 02/15/13 Senate: House substitute rejected by Senate (1-Y 38-N)
- 02/18/13 House: House insisted on substitute
- 02/18/13 House: House requested conference committee
- 02/19/13 Senate: Senate acceded to request (40-Y 0-N)
- 02/19/13 Senate: Conferees appointed by Senate
- 02/19/13 Senate: Senators: Wagner, Reeves, Petersen
- 02/21/13 House: Conferees appointed by House
- 02/21/13 House: Delegates: Cosgrove, Helsel, Bulova
- 02/23/13 House: Conference report agreed to by House (97-Y 0-N)
- 02/23/13 House: VOTE: ADOPTION (97-Y 0-N)
- 02/23/13 Senate: Conference report agreed to by Senate (39-Y 0-N)
- 02/23/13 Senate: Reconsideration of conference report agreed to by Senate (40-Y 0-N)
- 02/23/13 Senate: Conference report agreed to by Senate (38-Y 1-N)
- 03/04/13 Senate: Enrolled
- 03/04/13 Senate: Bill text as passed Senate and House (SB772ER)
- 03/04/13 Senate: Signed by President
- 03/05/13 House: Signed by Speaker
- 03/13/13 Governor: Approved by Governor-Chapter 327 (effective 7/1/13)
- 03/13/13 Governor: Acts of Assembly Chapter text (CHAP0327)