VA HB876 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on March 8 2024 - 100% progression
Action: 2024-03-08 - Governor: Acts of Assembly Chapter text (CHAP0054)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on March 8 2024 - 100% progression
Action: 2024-03-08 - Governor: Acts of Assembly Chapter text (CHAP0054)
Text: Latest bill text (Chaptered) [HTML]
Summary
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. 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.
Title
Resale Disclosure Act; delivery of resale certificate, remedies.
Sponsors
Roll Calls
2024-02-19 - Senate - Senate: Passed Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-16 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 2) [PASS]
2024-02-14 - Senate - Senate: Reported from General Laws and Technology (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-05 - House - House: VOTE: Block Vote Passage (98-Y 0-N) (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]
2024-01-30 - House - House: Reported from General Laws with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-25 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-16 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 2) [PASS]
2024-02-14 - Senate - Senate: Reported from General Laws and Technology (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-05 - House - House: VOTE: Block Vote Passage (98-Y 0-N) (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]
2024-01-30 - House - House: Reported from General Laws with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-25 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-03-08 | Governor: Acts of Assembly Chapter text (CHAP0054) | |
| 2024-03-08 | Governor: Approved by Governor-Chapter 54 (effective 7/1/24) | |
| 2024-03-01 | Governor: Governor's Action Deadline 11:59 p.m., March 8, 2024 | |
| 2024-03-01 | House | Enrolled Bill communicated to Governor on March 1, 2024 |
| 2024-02-25 | Senate | Signed by President |
| 2024-02-22 | House | Signed by Speaker |
| 2024-02-22 | House | Bill text as passed House and Senate (HB876ER) |
| 2024-02-22 | House | Enrolled |
| 2024-02-19 | Senate | Passed Senate (39-Y 0-N) |
| 2024-02-19 | Senate | Read third time |
| 2024-02-16 | Senate | Constitutional reading dispensed (38-Y 0-N) |
| 2024-02-14 | Senate | Reported from General Laws and Technology (15-Y 0-N) |
| 2024-02-06 | Senate | Referred to Committee on General Laws and Technology |
| 2024-02-06 | Senate | Constitutional reading dispensed |
| 2024-02-05 | House | VOTE: Block Vote Passage (98-Y 0-N) |
| 2024-02-05 | House | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
| 2024-02-02 | House | Engrossed by House - committee substitute HB876H1 |
| 2024-02-02 | House | Committee substitute agreed to 24106278D-H1 |
| 2024-02-02 | House | Read second time |
| 2024-02-01 | House | Read first time |
| 2024-01-30 | House | Committee substitute printed 24106278D-H1 |
| 2024-01-30 | House | Reported from General Laws with substitute (22-Y 0-N) |
| 2024-01-25 | House | Subcommittee recommends reporting with substitute (8-Y 0-N) |
| 2024-01-23 | House | Assigned GL sub: Housing/Consumer Protection |
| 2024-01-09 | House | Referred to Committee on General Laws |
| 2024-01-09 | House | Prefiled and ordered printed; offered 01/10/24 24104484D |
Same As/Similar To
SB526 (Similar To) 2024-04-04 - Governor: Acts of Assembly Chapter text (CHAP0511)
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 55 | 1 | 2308 | (n/a) | See Bill Text |
| 55 | 1 | 2309 | (n/a) | See Bill Text |
| 55 | 1 | 2310 | (n/a) | See Bill Text |
| 55 | 1 | 2312 | (n/a) | See Bill Text |
| 55 | 1 | 2316 | (n/a) | See Bill Text |
| 55 | 1 | 2317 | (n/a) | See Bill Text |
