Virginia Bills

Allows cemetery companies to request the trustee of a perpetual care trust fund to elect a total return distribution method for distributions from the trust. The bill provides that a total return distribution method allows the distribution of an amount not to exceed five percent of the fair market value of the perpetual care trust fund at the close of its preceding fiscal year. The bill contains notice and reporting requirements for the election and implementation of this method to the trustee, Cemetery Board, and commissioner of accounts. The bill sets forth requirements that a trustee using such method must meet, including adoption of a written investment and distribution policy, responsible investment decision making, and monitoring of the trust's fair market value. The bill prohibits a trustee from making distributions from the trust under the total return distribution method if (i) the fair market value of the trust after the distribution would be less than the aggregate of 80 percent of the fair market value of the trust at the close of the preceding fiscal year plus the total contributions made to the trust principal from such date to the date that the method of distribution is elected or (ii) beginning with the third year of using a total return distribution method, a three-year analysis of investment returns and distribution practices indicates insufficient protection of the trust principal. The bill requires the Cemetery Board to review conversions of perpetual care trust fund distribution methods for compliance with the requirements of the bill and allows the Cemetery Board to limit or prohibit conversions to and distributions under the total return distribution method under certain circumstances, including where the trustee or investment manager is without sufficient knowledge and expertise regarding implementation of this method. Under current law, a trustee of a perpetual care trust fund may make distributions only from the trust's net income and, absent approval by the Cemetery Board or a court, the trust principal may be used only for investment purposes. The bill refers to this method as the "net income distribution method" and establishes this as the default distribution method in the event that a cemetery company does not elect a distribution method. This bill is identical to

Transfers the responsibility for the Virginia Resources Authority from the Secretary of Commerce and Trade to the Secretary of Finance. This bill is identical to

Expands the penalty for battery against a health care provider who is engaged in the performance of his duties to apply in hospitals or in emergency rooms on the premises of any clinic or other facility rendering emergency care. Under current law, the penalties only apply to a battery against an emergency health care provider. The bill requires the Department of Health to work with stakeholder groups to develop guidelines regarding the publication of penalties for battery on a health care provider and for the training of health care professionals and providers in violence prevention programs. This bill is identical to

Provides that a concealed handgun permit shall be of a size comparable to a Virginia driver's license and may be laminated or use a similar process to protect the permit. Current law requires that the permit be no larger than two inches wide by three and one-fourth inches long.

Requires the State Board for Community Colleges to require each comprehensive community college to develop policies and procedures for awarding academic credit to enrolled students who have successfully completed a state-approved registered apprenticeship credential. This bill is identical to

Adds the Counties of Goochland, Powhatan, and Warren to the list of counties authorized to impose a transient occupancy tax at a rate not to exceed five percent, provided that any excess over two percent is designated and spent solely for tourism purposes. Under current law, all counties are authorized to impose such tax at a rate not to exceed two percent, and specified counties may impose the tax at a rate not to exceed five percent.