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2018 SESSION

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HB 674 Common Interest Community Board; developer may obtain surety bond or letter of credit.

Introduced by: Glenn R. Davis | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Real Estate Time-Share Act; Common Interest Community Board; developer may obtain surety bond or letter of credit. Provides that in lieu of escrowing deposits made in connection with the purchase or reservation of a time-share product a developer may obtain a corporate surety bond or letter of credit with the Common Interest Community Board where the time-share project consists of more than 25 units. Currently, the developer is required to escrow the individual deposits for every purchase and file with the Board a bond or letter of credit or cash for the purpose of protecting all deposits. This bill is identical to SB 443.

FULL TEXT

• 01/09/18  House: Prefiled and ordered printed; offered 01/10/18 18104470D  pdf
• 02/19/18  House: Bill text as passed House and Senate (HB674ER)  pdf
• 02/26/18  Governor: Acts of Assembly Chapter text (CHAP0033)  pdf

HISTORY

• 01/09/18  House: Prefiled and ordered printed; offered 01/10/18 18104470D
• 01/09/18  House: Referred to Committee on General Laws
• 01/19/18  House: Assigned GL sub: Subcommittee #2
• 01/25/18  House: Subcommittee recommends reporting (8-Y 0-N)
• 01/30/18  House: Reported from General Laws (22-Y 0-N)
• 02/01/18  House: Read first time
• 02/02/18  House: Read second time and engrossed
• 02/05/18  House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
• 02/05/18  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
• 02/06/18  Senate: Constitutional reading dispensed
• 02/06/18  Senate: Referred to Committee on General Laws and Technology
• 02/12/18  Senate: Reported from General Laws and Technology (14-Y 0-N)
• 02/14/18  Senate: Constitutional reading dispensed (40-Y 0-N)
• 02/15/18  Senate: Read third time
• 02/15/18  Senate: Passed Senate (40-Y 0-N)
• 02/19/18  House: Enrolled
• 02/19/18  House: Bill text as passed House and Senate (HB674ER)
• 02/19/18  House: Signed by Speaker
• 02/21/18  Senate: Signed by President
• 02/22/18  House: Enrolled Bill communicated to Governor on 2/22/18
• 02/22/18  Governor: Governor's Action Deadline Midnight, March 1, 2018
• 02/26/18  Governor: Approved by Governor-Chapter 33 (effective 7/1/18)
• 02/26/18  Governor: Acts of Assembly Chapter text (CHAP0033)