Last Updated: February 27, 2017

HB 1623/SB 991 – Transfer of Security Deposits
Introduced by Delegate Yancey and Senator Dance
Signed by the Governor 2/20/17; Effective 7/1/17

Allows property manager to transfer security deposit to property owner. Requires property manager to notify tenants, rather than of obtaining written consent from all parties.

HB 2281/SB 966 – Licensee Responsibilities
Introduced by Delegate Obenshain and Senator Leftwich
Signed by the Governor 2/20/17; Effective 7/1/17

In event of foreclosure, allows tenant to continue paying rent to the landlord, the property manager, or the courts. Allows property manager agreement to continue on month-to-month basis.

HB 2045/SB 1231 – Property Owner Association Act
Introduced by Delegate J. Miller and Senator Stanley
Governor’s action deadline: Midnight 3/27/17
HB 2274/SB 1255 – Condo Owner Association Act
Introduced by Delegate D. Marshall and Senator DeSteph
Governor’s action deadline: Midnight 3/27/17

The following changes will apply to both the POA and COA Acts: Associations cannot prohibit or limit for sale signs that comply with VREB regulations; Associations cannot require formal power of attorney from a real estate licensee to represent their client before the association; Failure to deliver association disclosure packet within 14-day requirement results in a $1000 fine.

HB 2034 – Residential Disclosure
Introduced by Delegate J. Miller
Passed House 99-0 (1/25/17); Passed Senate 96-0 (2/21/17)

Renames the “red-flag” disclosure statement the “buyer to beware” statement. Adds language to buyer beware statement regarding conservation easements and community development authorities. Allows for electronic delivery of the form to potential buyer