Virginia House Bill 1077 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 5 2008 - 100% progression
Action: 2008-03-11 - Governor: Acts of Assembly Chapter text (CHAP0376)

Virginia Real Estate Time Share Act; obligation for fees; limitation on actions; powers of Real Estate Board. Allows a developer, during the developer control period and at any time after the lapse of a purchaser's right of cancellation, and without regard to the recordation of the deed, to collect an annual or specially assessed charge from each time-share estate owner for the payment of the time-share estate occupancy expenses by way of a maintenance fee. The bill also provides that prior to the commencement of any action alleging a failure to comply with the provisions relating to escrow of deposits or the developer's obligation to complete common elements, an aggrieved owner shall first seek a determination from the Real Estate Board as to whether compliance with such provisions has occurred. The Board shall make such determination within 120 days of the request therefor. The bill contains technical amendments. Finally, the bill provides that rescission of a contract shall not be granted by a court unless the inaccuracy of the public offering statement or the insufficiency of the time-share instrument directly and adversely affected the purchaser's right to participate in the time-share program or to own his time-share. Further, if damages are awarded, the amount of the damages shall be limited to actual damages sustained notwithstanding any other law to the contrary.

Real Estate Time Share Act; obligation for fees and limitation on actions.

Del. Terrie Suit [R]

Date	Chamber	Action
2008-03-11		Governor: Acts of Assembly Chapter text (CHAP0376)
2008-03-05		Governor: Approved by Governor-Chapter 376 (effective 7/1/08)
2008-02-28		Senate: Signed by President
2008-02-27		House: Signed by Speaker
2008-02-27		House: Bill text as passed House and Senate (HB1077ER)
2008-02-27		House: Enrolled
2008-02-25		Senate: Passed Senate (40-Y 0-N)
2008-02-25		Senate: Read third time
2008-02-22		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-02-20		Senate: Reported from General Laws and Technology (14-Y 1-N)
2008-02-11		Senate: Referred to Committee on General Laws and Technology
2008-02-11		Senate: Constitutional reading dispensed
2008-02-08		House: Communicated to Senate
2008-02-08		House: VOTE: --- PASSAGE (98-Y 1-N)
2008-02-08		House: Read third time and passed House (98-Y 1-N)
2008-02-07		House: Printed as engrossed 081796744-E
2008-02-07		House: Engrossed by House as amended HB1077E
2008-02-07		House: Committee amendments agreed to
2008-02-07		House: Read second time
2008-02-06		House: Read first time
2008-02-05		House: Reported from General Laws with amendments (21-Y 0-N)
2008-01-24		House: Assigned GL sub: Housing
2008-01-09		House: Referred to Committee on General Laws
2008-01-09		House: Prefiled and ordered printed; offered 01/09/08 081796744

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?081+sum+HB1077