The Realtors advanced several bills through the legislative process during the 2020 General Assembly Session. Most notably, this year’s legislation includes bills aimed at providing Realtors across Virginia with more affordable, high-quality health insurance. After passing through both chambers, the legislation is currently awaiting action from Governor Northam. To learn more about this and the rest of the Realtor bills, click here. [Link to blog post]

For more information on these or other legislative items, contact Joh Gehlbach at jgehlbach@rarealtors.com. 

Association Health Plans

This bill will give Virginia REALTORS the authority to contract with a health insurance provider to provide members with high quality, affordable health insurance options.

  • HB 795 – Conference report agreed to by Senate 39-0. Sent to Governor for his consideration.
  • SB 235 – Conference report agreed to by Senate 40-0. Sent to Governor for his consideration.

 

Rent Money Into Escrow

This bill will clarify current law and require all rent monies, including current rent, to be deposited into an escrow account rather than an operating account.

  • SB 653 – Passed Senate 40-0. Passed Senate. Sent to Governor for his consideration.

 

Security Deposit Disbursement

This bill will clarify that the 45 day time period for returning a security deposit to a tenant starts running from the date of termination of the tenancy or the date the tenant vacates the unit, whichever occurs last.

  • HB 594 – Passed House 100-0. Passed Senate 40-0. Sent to Governor for his consideration.
  • SB 388 – Passed the Senate 40-0. Passed House 100-0. Sent to Governor for his consideration.

 

Death or Disability of a Broker

This bill will clarify that upon the death or disability of a real estate broker who was the sole proprietor or the only licensed broker inany business entity, the Real Estate Board can approve someone to close out the business. Previously the law did not include LLCs in the list of business entities.

  • HB 513 – Passed House 100-0. Passed Senate 40-0. Sent to Governor for his consideration.

 

POA/Condo Act Extension for Right of Recission

This bill will allow parties to a transaction for a property located in a POA or Condo association to agree to extend the three day right of recission for up to an additional four days.

  • HB 176 – Passed House 99-0. Passed Senate 40-0. Sent to Governor for his consideration.
  • SB 672 – Senate adopted House amendments 40-0. Sent to Governor for his consideration.

 

Removal of Restrictive Covenants

This bill will allow homebuyers and homeowners to remove discriminatory restrictive covenant language that would violate fair housing law from real property and deeds.

  • HB 788 – Passed House 99-0. Passed Senate 40-0. Sent to Governor for his consideration.