VA SB797 | 2008 | Regular Session

Virginia Senate Bill 797 (Prior Session Legislation)

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 23 2008 - 100% progression
Action: 2008-04-23 - Governor: Acts of Assembly Chapter text (CHAP0878)

Summary

High-risk mortgage lenders or servicers; 10 days' notice; 30 days' forbearance. Requires high-risk mortgage lenders or servicers to provide written notice of the intention to send a notice to accelerate the loan balance 10 business days prior to sending the notice of acceleration. If the borrower indicates the desire to avoid foreclosure, the high-risk mortgage lender or servicer shall give the borrower 30 calendar days' forbearance. The measure does not apply if the lender makes fewer than four mortgage loans in any 12-month period, if there is an active bankruptcy proceeding, or if a foreclosure sale is scheduled to occur within 30 days.

Title

Mortgage lenders or servicers; notice and additional time before foreclosure on high-risk loans.

History

Date	Chamber	Action
2008-04-23		Governor: Acts of Assembly Chapter text (CHAP0878)
2008-04-23		Governor: Approved by Governor-Chapter 878 (effective 7/1/08)
2008-04-23		House: Signed by Speaker as reenrolled
2008-04-23		Senate: Signed by President as reenrolled
2008-04-23		Senate: Reenrolled bill text (SB797ER2)
2008-04-23		Senate: Reenrolled
2008-04-23		Governor: Governor's recommendation adopted
2008-04-23		House: VOTE: --- ADOPTION (97-Y 1-N)
2008-04-23		House: House concurred in Governor's recommendation (97-Y 1-N)
2008-04-23		Senate: Senate concurred in Governor's recommendation (39-Y 0-N)
2008-04-22		Senate: Placed on Calendar
2008-04-11		Senate: Governor's recommendation received by Senate
2008-03-26		Senate: Signed by President
2008-03-24		House: Signed by Speaker
2008-03-24		Senate: Bill text as passed Senate and House (SB797ER)
2008-03-24		Senate: Enrolled
2008-03-08		Senate: House substitute agreed to by Senate (40-Y 0-N)
2008-03-07		House: VOTE: --- PASSAGE (90-Y 4-N)
2008-03-07		House: Passed House with substitute (90-Y 4-N)
2008-03-07		House: Engrossed by House - committee substitute SB797H1
2008-03-07		House: Committee substitute agreed to 089632744-H1
2008-03-07		House: Read third time
2008-03-06		House: Committee substitute printed 089632744-H1
2008-03-06		House: Reported from Commerce and Labor with substitute (19-Y 3-N)
2008-03-04		House: Referred to Committee on Commerce and Labor
2008-03-04		House: Read first time
2008-03-04		House: Placed on Calendar
2008-03-03		Senate: Passed Senate (40-Y 0-N)
2008-03-03		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-03-03		Senate: Engrossed by Senate
2008-03-03		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-03-03		Senate: Read first time
2008-02-29		Senate: Passed by for the day
2008-02-27		Senate: Reported from Commerce and Labor (9-Y 5-N 1-A)
2008-02-26		Senate: Introduced bill reprinted 089206802
2008-02-25		Senate: Referred to Committee on Commerce and Labor
2008-02-25		Senate: Presented and ordered printed 089206802
2008-02-25		Senate: Introduced at the request of Governor