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2020 SESSION

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20100062D
HOUSE BILL NO. 13 Offered January 8, 2020 Prefiled November 19, 2019 A BILL to amend and reenact § 55.1-1944 of the Code of Virginia, relating to fiduciary management of condominium association funds; permissible investments. ---------- Patron-- Ware ---------- Referred to Committee on General Laws ----------

Be it enacted by the General Assembly of Virginia:

1. That § 55.1-1944 of the Code of Virginia is amended and reenacted as follows:

§ 55.1-1944. Deposit of funds.

A. All funds deposited with a managing agent shall be handled in a fiduciary capacity and shall be (i) kept in a fiduciary trust account in a federally insured financial institution separate from other assets of the managing agent; (ii) held in the form of securities issued, assumed, or guaranteed by the United States; or (iii) kept in a money market fund pursuant to the requirements of subsection B. The funds shall be the property of the unit owners' association and shall be segregated for each account in the records of the managing agent in a manner that permits the funds to be identified on an individual unit owners' association basis.

B. A managing agent may keep up to $5,000 of funds in a money market account that invests only in (i) securities issued, assumed, or guaranteed by the United States or (ii) other financial instruments guaranteed by securities of the United States. A managing agent may keep up to $200,000 of additional funds in such money market account, provided that he transfers such additional funds to an investment otherwise permissible pursuant to this section within five business days.