Virginia Senate Bill 693

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Spectrum: Bipartisan Bill
Status: Introduced on January 19 2024 - 25% progression
Action: 2024-02-07 - Continued to 2025 in Courts of Justice (15-Y 0-N)
Pending: Senate Courts of Justice Committee
Text: Latest bill text (Introduced) [HTML]

Prohibited acquisition of residential land; restrictions; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors, is a fiduciary to such investors, and has $50 million or more in net value or assets under management on any day during a taxable year from acquiring any interest in residential land, as defined in the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024. The bill requires the Secretary to report annually by December 1 on the registrations and any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill also requires all real property tax bills to contain notice of such prohibited business ownership restrictions and registration requirements.

Residential land; prohibited acquisition, restrictions, civil penalty.

Sen. Glen Sturtevant [R]

Sen. Scott Surovell [D]

2024-02-07 - Senate - Senate: Continued to 2025 in Courts of Justice (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2024-02-07	Senate	Continued to 2025 in Courts of Justice (15-Y 0-N)
2024-01-19	Senate	Referred to Committee for Courts of Justice
2024-01-19	Senate	Presented and ordered printed 24105234D

Chapter	Article	Section	Citation Type	Statute Text
55	1	507	(n/a)	See Bill Text
55	1	510	(n/a)	See Bill Text
58	1	3912	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB693
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB693+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/24107374D.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+SB693F122+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?241+vot+S13V0114+SB0693