HB 648 Virginia House of Delegates · 2024 Regular Session

Contracts assigning rights to inheritance funds; legal rate of interest.

Summary

Contracts assigning rights to inheritance funds; legal rate of interest. Provides that any contract entered into on or after July 1, 2024, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive inheritance funds from a will in a pending probate matter shall be considered a loan and any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.

Bill status signed all 5 stages cleared

Introduction

Jan 2024

Committee Review

Feb 2024

House of Delegates Passage

Feb 2024

Senate Passage

Mar 2024

Signed into Law

Apr 2024

Introduced Jan 9, 2024 Signed Apr 8, 2024

Floor votes · Senate Feb 20, 2024 · House of Delegates Jan 31, 2024

How they voted

39–0

Passed · 1 other

Total votes 40

Feb 20, 2024

D Democratic21

21 Yea

100% Yea

R Republican19

18 Yea 1

94% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Apr 8, 2024

Signed into law

Approved by Governor-Chapter 728 (effective 7/1/24)

executive

Mar 2, 2024

Upper · Passed

Signed by President

upper

Feb 28, 2024

Lower · Passed

Signed by Speaker

lower

Feb 28, 2024

Lower · Passed

Bill text as passed House and Senate (HB648ER)

lower

Feb 23, 2024

Lower · Passed

Senate amendment agreed to by House (96-Y 0-N)

lower

Feb 21, 2024

Upper · Passed

Passed Senate with amendment (30-Y 10-N)

upper

Feb 21, 2024

Introduced

Engrossed by Senate as amended

upper

Feb 21, 2024

Upper · Passed

Amendment by Senator Surovell agreed to

upper

Feb 21, 2024

Introduced

Reading of amendment waived

upper

Feb 20, 2024

Senate · Passed

Senate Vote: pass (39-0-1)

senate

Feb 19, 2024

Upper · Passed

Reported from Courts of Justice (12-Y 0-N 2-A)

upper

Feb 1, 2024

Committee

Referred to Committee for Courts of Justice

upper

Jan 31, 2024

Lower · Passed

VOTE: Block Vote Passage (100-Y 0-N)

lower

Jan 31, 2024

Lower · Passed

Read third time and passed House BLOCK VOTE (100-Y 0-N)

lower

Jan 30, 2024

Introduced

Engrossed by House as amended HB648E

lower

Jan 30, 2024

Lower · Passed

Committee amendment agreed to

lower

Jan 25, 2024

Lower · Passed

Reported from Labor and Commerce with amendment(s) (21-Y 0-N)

lower

Jan 23, 2024

Lower · Passed

Subcommittee recommends reporting with amendments (7-Y 0-N)

lower

Jan 16, 2024

Committee

Assigned L & C sub: Subcommittee #1

lower

Jan 9, 2024

Committee

Referred to Committee on Labor and Commerce

lower

1 primary · 1 co-sponsor