SB 443 Virginia Senate · 2018 Regular Session

Common Interest Community Board; developer may obtain surety bond or letter of credit.

Summary

Provides that in lieu of escrowing deposits made in connection with the purchase or reservation of a time-share product a developer may obtain a corporate surety bond or letter of credit with the Common Interest Community Board where the time-share project consists of more than 25 units. Currently, the developer is required to escrow the individual deposits for every purchase and file with the Board a bond or letter of credit or cash for the purpose of protecting all deposits. This bill is identical to

Bill status signed all 5 stages cleared

Introduction

Jan 2018

Committee Review

Jan 2018

Senate Passage

Feb 2018

House of Delegates Passage

Feb 2018

Signed into Law

Mar 2018

Introduced Jan 9, 2018 Signed Mar 2, 2018

Floor votes · House of Delegates Feb 20, 2018

How they voted

This bill passed the Senate. No roll call record of that vote is available.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 2, 2018

Signed into law

Approved by Governor-Chapter 133 (effective 7/1/18)

executive

Feb 20, 2018

Legislature · Passed

Passed House BLOCK VOTE (100-Y 0-N)

legislature

Feb 20, 2018

House Of Delegates · Passed

House of Delegates Vote: pass (98-0)

house of delegates

Jan 23, 2018

Committee

Referred to Committee on General Laws

legislature

Jan 9, 2018

Committee

Referred to Committee on General Laws and Technology

legislature

Jan 9, 2018

Introduced

Prefiled and ordered printed; offered 01/10/18 18104471D

legislature

1 primary · 0 co-sponsors