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2016 SESSION
HB 304 Home service contract providers; SCC authorized to deny an initial application based on its review.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Home service contract providers. Authorizes the State Corporation Commission (SCC) to deny an initial license application for a home service contract provider based on its review of the financial statements and any reports, certificates, or other documents filed with the SCC. The measure also changes the license renewal cycle for home service contract providers from a biennial process to an annual process beginning July 1, 2017, and revises the application fee from $1,000 biennially to $500 annually. Other provisions (i) clarify that the Virginia reserve requirement for such companies is determined by taking the gross consideration received for all home service contracts, less the claims paid, and then multiplying the remainder by 40 percent; (ii) replace a reference to "premiums" with "provider fees" because home service contracts are not insurance; and (iii) amend the provision dealing with filing of audited financial statements to allow for statements prepared in accordance with generally accepted accounting principles. The bill has an emergency clause.
FULL TEXT
- 01/04/16 House: Prefiled and ordered printed; offered 01/13/16 16101552D pdf | impact statement
- 02/04/16 House: Committee substitute printed 16105224D-H1 pdf | impact statement
- 02/22/16 House: Bill text as passed House and Senate (HB304ER) pdf | impact statement
- 02/29/16 Governor: Acts of Assembly Chapter text (CHAP0055) pdf
AMENDMENTS
HISTORY
- 01/04/16 House: Prefiled and ordered printed; offered 01/13/16 16101552D
- 01/04/16 House: Referred to Committee on Commerce and Labor
- 02/04/16 House: Reported from Commerce and Labor with substitute (22-Y 0-N)
- 02/04/16 House: Committee substitute printed 16105224D-H1
- 02/08/16 House: Read first time
- 02/09/16 House: Read second time
- 02/09/16 House: Committee substitute agreed to 16105224D-H1
- 02/09/16 House: Engrossed by House - committee substitute HB304H1
- 02/10/16 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/10/16 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/11/16 Senate: Constitutional reading dispensed
- 02/11/16 Senate: Referred to Committee on Commerce and Labor
- 02/15/16 Senate: Reported from Commerce and Labor with amendment (15-Y 0-N)
- 02/16/16 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/17/16 Senate: Read third time
- 02/17/16 Senate: Reading of amendment waived
- 02/17/16 Senate: Committee amendment agreed to
- 02/17/16 Senate: Emergency clause added
- 02/17/16 Senate: Engrossed by Senate as amended
- 02/17/16 Senate: Passed Senate with amendment (40-Y 0-N)
- 02/18/16 House: Placed on Calendar
- 02/19/16 House: Senate amendment agreed to by House (98-Y 0-N)
- 02/19/16 House: VOTE: ADOPTION (98-Y 0-N)
- 02/22/16 House: Enrolled
- 02/22/16 House: Bill text as passed House and Senate (HB304ER)
- 02/22/16 House: Signed by Speaker
- 02/22/16 Senate: Signed by President
- 02/22/16 House: Enrolled Bill communicated to Governor on 2/22/16
- 02/22/16 Governor: Governor's Action Deadline Midnight, February 29, 2016
- 02/29/16 Governor: Approved by Governor-Chapter 55 (effective 2/29/16)
- 02/29/16 Governor: Acts of Assembly Chapter text (CHAP0055)