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2018 SESSION
SB 443 Common Interest Community Board; developer may obtain surety bond or letter of credit.
Introduced by: John A. Cosgrove, Jr. | 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 HB 674.
FULL TEXT
- 01/09/18 Senate: Prefiled and ordered printed; offered 01/10/18 18104471D pdf | impact statement
- 02/22/18 Senate: Bill text as passed Senate and House (SB443ER) pdf | impact statement
- 03/02/18 Governor: Acts of Assembly Chapter text (CHAP0133) pdf
HISTORY
- 01/09/18 Senate: Prefiled and ordered printed; offered 01/10/18 18104471D
- 01/09/18 Senate: Referred to Committee on General Laws and Technology
- 01/15/18 Senate: Reported from General Laws and Technology (14-Y 0-N)
- 01/17/18 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/18/18 Senate: Read second time and engrossed
- 01/19/18 Senate: Read third time and passed Senate (39-Y 0-N)
- 01/23/18 House: Placed on Calendar
- 01/23/18 House: Read first time
- 01/23/18 House: Referred to Committee on General Laws
- 02/15/18 House: Reported from General Laws (22-Y 0-N)
- 02/19/18 House: Read second time
- 02/20/18 House: Read third time
- 02/20/18 House: Passed House BLOCK VOTE (100-Y 0-N)
- 02/20/18 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/22/18 Senate: Enrolled
- 02/22/18 Senate: Bill text as passed Senate and House (SB443ER)
- 02/22/18 House: Signed by Speaker
- 02/23/18 Senate: Signed by President
- 02/26/18 Senate: Enrolled Bill Communicated to Governor on February 26, 2018
- 02/26/18 Governor: Governor's Action Deadline Midnight, March 5, 2018
- 03/02/18 Governor: Approved by Governor-Chapter 133 (effective 7/1/18)
- 03/02/18 Governor: Acts of Assembly Chapter text (CHAP0133)