General Assembly Update 3.1.16

//General Assembly Update 3.1.16

General Assembly Update 3.1.16

Below you’ll find updates for the four major REALTOR® bills at the General Assembly this session. We’re coming into the home stretch here. I will note that SB 509 did die in the Senate Courts Committee, but there is nothing to be concerned about since HB 577, its House counterpart, passed both houses unanimously. As always, let me know if you have any questions.

HB 684 – Condominium and Property Owners’ Association of Acts; rental of units and lots; disclosure packets
Introduced by Del. Chris Peace
Passed House 99-0; Passed Senate 39-0

Prohibits a unit owners’ association from charging rental fees or any other fee not expressly authorized in the Condominium or Property Owners’ Association Act. The bill also provides that an association has no lawful authority to evict a tenant; and that if an owner designates a person licensed by the Real Estate Board as the authorized representative with respect to any lease, the association shall recognize such representation without formal power of attorney. Additionally, definitions regarding delivery and receipt of disclosure documents are outlined.

HB 567 – Real Estate Board; duties of real estate Licensees; residential real estate transactions
Introduced by Del. Jackson Miller
Passed House 97-0; Passed Senate 40-0

Gives the Real Estate Board the authority to take disciplinary case against a licensee under advisement, defer a finding such case, and dismiss such action upon terms and conditions set by the Board; much like traffic court. Additionally, this bill clarifies that the requirement for written brokerage agreements only applies to residential transactions and that the act of merely showing a property does not require a written brokerage agreement.

HB 741/SB 453 – Virginia Board for Asbestos, Lead, and Home Inspectors; licensing of home inspectors
Introduced by Del. Jackson Miller/Sen. Bill Stanley
Passed House 99-0; Reported from Senate General Laws 10-0
Passed Senate 30-9; Passed House 100-0

Provides that beginning July 1, 2017, home inspectors must be licensed. Currently, home inspectors are certified on a voluntary basis.

HB 577/SB 509 – Interpleader; earnest money deposits
Introduced by Del. Roxann Robinson/Sen. Glen Sturtevant
Passed House 98-0; Passed Senate 38-0
Died in Senate Courts Committee

Allows brokers to take stranded escrow funds and earnest money deposits, interplead them to General District Court, and then allow the judge to transfer those funds to the Housing Trust Fund.


Jo Gehlbach
Government Affairs Coordinator

By | 2017-03-29T17:30:32-04:00 March 1st, 2016|Recent News|0 Comments

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