VA SB526 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on April 4 2024 - 100% progression
Action: 2024-04-04 - Governor: Acts of Assembly Chapter text (CHAP0511)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on April 4 2024 - 100% progression
Action: 2024-04-04 - Governor: Acts of Assembly Chapter text (CHAP0511)
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 authorized 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. However, the settlement agent or other requesting party may pay such fees up front, regardless of whether such 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 authorized 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. However, the settlement agent or other requesting party may pay such fees up front, regardless of whether such requesting party requests to be reimbursed for such fees from the seller.
Title
Resale Disclosure Act; fees charged for delivery of resale certificate.
Sponsors
Roll Calls
2024-02-22 - Senate - Senate: House substitute agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-20 - House - House: VOTE: Block Vote Passage (98-Y 0-N) (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]
2024-02-15 - House - House: Reported from General Laws with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-30 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-26 - Senate - Senate: Constitutional reading dispensed (37-Y 0-N) (Y: 37 N: 0 NV: 0 Abs: 3) [PASS]
2024-01-24 - Senate - Senate: Reported from General Laws and Technology with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-17 - Senate - Senate: Rereferred from Courts of Justice (11-Y 0-N) (Y: 11 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-20 - House - House: VOTE: Block Vote Passage (98-Y 0-N) (Y: 98 N: 0 NV: 0 Abs: 2) [PASS]
2024-02-15 - House - House: Reported from General Laws with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-30 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-26 - Senate - Senate: Constitutional reading dispensed (37-Y 0-N) (Y: 37 N: 0 NV: 0 Abs: 3) [PASS]
2024-01-24 - Senate - Senate: Reported from General Laws and Technology with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-01-17 - Senate - Senate: Rereferred from Courts of Justice (11-Y 0-N) (Y: 11 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-04 | Governor: Acts of Assembly Chapter text (CHAP0511) | |
| 2024-04-04 | Governor: Approved by Governor-Chapter 511 (effective 7/1/24) | |
| 2024-03-11 | Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024 | |
| 2024-03-11 | Senate | Enrolled Bill Communicated to Governor on March 11, 2024 |
| 2024-03-01 | Senate | Signed by President |
| 2024-02-27 | House | Signed by Speaker |
| 2024-02-27 | Senate | Bill text as passed Senate and House (SB526ER) |
| 2024-02-27 | Senate | Enrolled |
| 2024-02-22 | Senate | Title replaced 24107739D-H1 |
| 2024-02-22 | Senate | House substitute agreed to by Senate (40-Y 0-N) |
| 2024-02-20 | House | VOTE: Block Vote Passage (98-Y 0-N) |
| 2024-02-20 | House | Passed House with substitute BLOCK VOTE (98-Y 0-N) |
| 2024-02-20 | House | Engrossed by House - committee substitute SB526H1 |
| 2024-02-20 | House | Committee substitute agreed to 24107739D-H1 |
| 2024-02-20 | House | Read third time |
| 2024-02-19 | House | Read second time |
| 2024-02-15 | House | Committee substitute printed 24107739D-H1 |
| 2024-02-15 | House | Reported from General Laws with substitute (22-Y 0-N) |
| 2024-02-13 | House | Referred to Committee on General Laws |
| 2024-02-13 | House | Read first time |
| 2024-02-13 | House | Placed on Calendar |
| 2024-01-30 | Senate | Read third time and passed Senate (40-Y 0-N) |
| 2024-01-29 | Senate | Engrossed by Senate - committee substitute SB526S1 |
| 2024-01-29 | Senate | Committee substitute agreed to 24105994D-S1 |
| 2024-01-29 | Senate | Reading of substitute waived |
| 2024-01-29 | Senate | Read second time |
| 2024-01-26 | Senate | Constitutional reading dispensed (37-Y 0-N) |
| 2024-01-24 | Senate | Committee substitute printed 24105994D-S1 |
| 2024-01-24 | Senate | Reported from General Laws and Technology with substitute (15-Y 0-N) |
| 2024-01-17 | Senate | Rereferred to General Laws and Technology |
| 2024-01-17 | Senate | Rereferred from Courts of Justice (11-Y 0-N) |
| 2024-01-09 | Senate | Referred to Committee for Courts of Justice |
| 2024-01-09 | Senate | Prefiled and ordered printed; offered 01/10/24 24105078D |
Same As/Similar To
HB876 (Similar To) 2024-03-08 - Governor: Acts of Assembly Chapter text (CHAP0054)
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 |
