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2024 SESSION
HB 876 Resale Disclosure Act; delivery of resale certificate, remedies.
Introduced by: David L. Bulova | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Resale Disclosure Act; delivery of resale certificate; remedies. Provides that failure to deliver a resale certificate within 14 days, as required by the Resale Disclosure Act, deems the resale certificate unavailable. The bill grants a purchaser three days from the date of ratification of the contract or the date of receipt of the resale certificate or notice that such certificate is unavailable, as applicable, to cancel the contract. Additionally, the bill (i) excludes from the resale certificate requirements of the Act an initial disposition of a lot to a person who is not acquiring the lot for his own residence and (ii) allows a resale certificate to be delivered to a purchaser's agent. Current law excludes the resale certificate requirements of the Act for any initial disposition, regardless of its intended use, and only allows a resale certificate to be delivered to a purchaser. Finally, the bill mandates the seller to be responsible for all fees associated with the preparation and delivery of the financial update but allows the settlement agent or other requesting party to pay such fees up front, regardless of whether such settlement agent or other requesting party requests to be reimbursed for such fees from the seller.
FULL TEXT
- 01/09/24 House: Prefiled and ordered printed; offered 01/10/24 24104484D pdf | impact statement
- 01/30/24 House: Committee substitute printed 24106278D-H1 pdf | impact statement
- 02/22/24 House: Bill text as passed House and Senate (HB876ER) pdf | impact statement
- 03/08/24 Governor: Acts of Assembly Chapter text (CHAP0054) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
HISTORY
- 01/09/24 House: Prefiled and ordered printed; offered 01/10/24 24104484D
- 01/09/24 House: Referred to Committee on General Laws
- 01/23/24 House: Assigned GL sub: Housing/Consumer Protection
- 01/25/24 House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 01/30/24 House: Reported from General Laws with substitute (22-Y 0-N)
- 01/30/24 House: Committee substitute printed 24106278D-H1
- 02/01/24 House: Read first time
- 02/02/24 House: Read second time
- 02/02/24 House: Committee substitute agreed to 24106278D-H1
- 02/02/24 House: Engrossed by House - committee substitute HB876H1
- 02/05/24 House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 02/05/24 House: VOTE: Block Vote Passage (98-Y 0-N)
- 02/06/24 Senate: Constitutional reading dispensed
- 02/06/24 Senate: Referred to Committee on General Laws and Technology
- 02/14/24 Senate: Reported from General Laws and Technology (15-Y 0-N)
- 02/16/24 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/19/24 Senate: Read third time
- 02/19/24 Senate: Passed Senate (39-Y 0-N)
- 02/22/24 House: Enrolled
- 02/22/24 House: Bill text as passed House and Senate (HB876ER)
- 02/22/24 House: Signed by Speaker
- 02/25/24 Senate: Signed by President
- 03/01/24 House: Enrolled Bill communicated to Governor on March 1, 2024
- 03/01/24 Governor: Governor's Action Deadline 11:59 p.m., March 8, 2024
- 03/08/24 Governor: Approved by Governor-Chapter 54 (effective 7/1/24)
- 03/08/24 Governor: Acts of Assembly Chapter text (CHAP0054)