HB 417 Exchange Facilitators Act; established.
G. Glenn Oder | all patrons    ...    notes
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Summary as passed: (all summaries)
Exchange Facilitators Act; established. Establishes requirements for the activities of exchange facilitators, who are persons that for a fee, enter into an agreement with a taxpayer to act as (i) a qualified intermediary in an exchange of like-kind property, (ii) an Exchange Accommodation Titleholder, or (iii) a qualified trustee or escrow holder. Exchange facilitators are required to notify exchange clients of change in control of the exchange facilitator; to maintain exchange funds in separately identified accounts or in a qualified escrow or qualified trust; to maintain errors and omissions insurance or deposit cash or letters of credit; and to account for moneys and property. Persons who engage in the business of an exchange facilitator are prohibited from making misrepresentations, failing to account for moneys or property of others, engaging in fraudulent or dishonest dealings, committing certain crimes, or materially failing to fulfill contractual duties to an exchange client. Violations are subject to a civil penalty of up to $2,500. The Attorney General, attorney for the Commonwealth, or attorney for a locality may recover costs and reasonable expenses, including attorney fees, in any action brought under the Exchange Facilitators Act. This bill is recommended by the Virginia Housing Commission.

Full text:
01/12/10  House: Prefiled and ordered printed; offered 01/13/10 10100869D  pdf
01/21/10  House: Committee substitute printed 10104306D-H1  pdf
03/09/10  House: Bill text as passed House and Senate (HB417ER)  pdf | impact statement
04/11/10  Governor: Acts of Assembly Chapter text (CHAP0409)  pdf

Amendments:
Senate amendments
Senate amendments engrossed

Status:
01/12/10  House: Prefiled and ordered printed; offered 01/13/10 10100869D
01/12/10  House: Referred to Committee on Commerce and Labor
01/21/10  House: Reported from Commerce and Labor with substitute (22-Y 0-N)
01/21/10  House: Committee substitute printed 10104306D-H1
01/25/10  House: Read first time
01/26/10  House: Read second time
01/26/10  House: Committee substitute agreed to 10104306D-H1
01/26/10  House: Engrossed by House - committee substitute HB417H1
01/27/10  House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/27/10  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
01/28/10  Senate: Constitutional reading dispensed
01/28/10  Senate: Referred to Committee on Commerce and Labor
02/22/10  Senate: Reported from Commerce and Labor with amendments (15-Y 0-N)
02/24/10  Senate: Constitutional reading dispensed (40-Y 0-N)
02/25/10  Senate: Read third time
02/25/10  Senate: Reading of amendments waived
02/25/10  Senate: Committee amendments agreed to
02/25/10  Senate: Engrossed by Senate as amended
02/25/10  Senate: Passed Senate with amendments (40-Y 0-N)
02/26/10  House: Placed on Calendar
03/01/10  House: Senate amendments agreed to by House (99-Y 0-N)
03/01/10  House: VOTE: --- ADOPTION (99-Y 0-N)
03/09/10  House: Enrolled
03/09/10  House: Bill text as passed House and Senate (HB417ER)
03/09/10  House: Signed by Speaker
03/11/10  Senate: Signed by President
04/11/10  Governor: Approved by Governor-Chapter 409 (effective 7/1/10)
04/11/10  Governor: Acts of Assembly Chapter text (CHAP0409)