Bill Summary

Residential rental property. Provides that if a residential dwelling unit is foreclosed upon and a tenant is lawfully occupying the dwelling unit at the time of the foreclosure, the foreclosure shall act as a termination of the rental agreement by the landlord. The bill also provides that, if there is in effect at the date of the foreclosure sale a written property management agreement between the landlord and a real estate licensee licensed pursuant to the provisions of § 54.1-2106.1, the foreclosure shall convert the property management agreement into a month-to-month agreement between the successor landlord and the real estate licensee acting as a managing agent, except in the event that the terms of the original property management agreement between the landlord and the real estate licensee acting as a managing agent require an earlier termination date. Except in the event of foreclosure, the bill permits a real estate licensee acting on behalf of a landlord client as a managing agent who elects to terminate the property management agreement to transfer any funds held in escrow by the licensee to the landlord client without his consent, provided that the real estate licensee provides written notice to each tenant that the funds have been so transferred. The bill provides that, in the event of foreclosure, a real estate licensee shall not transfer any funds to a landlord client whose property has been foreclosed upon. The bill provides immunity, in the absence of gross negligence or intentional misconduct, to any such licensee acting in compliance with the provisions of § 54.1-2108.1. The bill clarifies that a tenant residing in a dwelling unit that has been foreclosed upon is eligible to file an assertion pursuant to § 55-225.12 and that a court may order any moneys accumulated in escrow to be paid to the successor landlord or the successor landlord’s managing agent, if any.

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Status

Became Law

Votes

Date Action Vote Document
2017-01-30Senate: Reported from General Laws and Technology with substitute (15-Y 0-N)Yea: 15 No: 0 Other: 0Document
2017-02-01Senate: Constitutional reading dispensed (40-Y 0-N)Yea: 40 No: 0 Other: 0Document
2017-02-02Senate: Constitutional reading dispensed (40-Y 0-N)Yea: 40 No: 0 Other: 0Document
2017-02-02Senate: Passed Senate (40-Y 0-N)Yea: 40 No: 0 Other: 0Document
2017-02-08House: Reported from Courts of Justice (21-Y 0-N)Yea: 21 No: 0 Other: 0Document
2017-02-13House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)Yea: 97 No: 0 Other: 0Document

Amendments

no data available at this time.

Bill History

Date Action
2017-02-20Governor: Acts of Assembly Chapter text (CHAP0067)
2017-02-20Governor: Approved by Governor-Chapter 67 (effective 7/1/17)
2017-02-15Governor: Governor's Action Deadline Midnight, February 22, 2017
2017-02-15Enrolled Bill Communicated to Governor on 2/15/17
2017-02-15Signed by President
2017-02-14Signed by Speaker
2017-02-14Bill text as passed Senate and House (SB966ER)
2017-02-14Enrolled
2017-02-13VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
2017-02-13Passed House BLOCK VOTE (97-Y 0-N)
2017-02-13Read third time
2017-02-10Read second time
2017-02-08Reported from Courts of Justice (21-Y 0-N)
2017-02-06Referred to Committee for Courts of Justice
2017-02-06Read first time
2017-02-06Placed on Calendar
2017-02-02Passed Senate (40-Y 0-N)
2017-02-02Constitutional reading dispensed (40-Y 0-N)
2017-02-02Engrossed by Senate - committee substitute SB966S1
2017-02-02Committee substitute agreed to 17104907D-S1
2017-02-02Reading of substitute waived
2017-02-02Read second time
2017-02-01Constitutional reading dispensed (40-Y 0-N)
2017-01-30Committee substitute printed 17104907D-S1
2017-01-30Reported from General Laws and Technology with substitute (15-Y 0-N)
2017-01-03Referred to Committee on General Laws and Technology
2017-01-03Prefiled and ordered printed; offered 01/11/17 17102231D

Sponsors

Name District
Mark ObenshainSD-026
Lynwood LewisSD-006
Monty MasonSD-001