HB 2281 Residential rental property; foreclosure shall act as a termination of rental agreement by landlord.
James A. "Jay" Leftwich | all patrons    ...    notes
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Summary as passed: (all summaries)

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.

Full text:
01/11/17  House: Presented and ordered printed 17101623D  pdf
01/27/17  House: Committee substitute printed 17104751D-H1  pdf
02/24/17  House: Bill text as passed House and Senate (HB2281ER)  pdf
03/13/17  Governor: Acts of Assembly Chapter text (CHAP0394)  pdf

Amendments:
Senate amendments
Senate amendments engrossed

Status:
01/11/17  House: Presented and ordered printed 17101623D
01/11/17  House: Referred to Committee for Courts of Justice
01/16/17  House: Assigned Courts sub: Civil Law
01/25/17  House: Subcommittee recommends reporting with substitute (9-Y 0-N)
01/27/17  House: Reported from Courts of Justice with substitute (21-Y 0-N)
01/27/17  House: Committee substitute printed 17104751D-H1
01/31/17  House: Read first time
02/01/17  House: Read second time
02/01/17  House: Committee substitute agreed to 17104751D-H1
02/01/17  House: Engrossed by House - committee substitute HB2281H1
02/02/17  House: Read third time and passed House BLOCK VOTE (95-Y 0-N)
02/02/17  House: VOTE: BLOCK VOTE PASSAGE (95-Y 0-N)
02/03/17  Senate: Constitutional reading dispensed
02/03/17  Senate: Referred to Committee on General Laws and Technology
02/13/17  Senate: Reported from General Laws and Technology with amendment (15-Y 0-N)
02/15/17  Senate: Constitutional reading dispensed (40-Y 0-N)
02/16/17  Senate: Read third time
02/16/17  Senate: Reading of amendment waived
02/16/17  Senate: Committee amendment agreed to
02/16/17  Senate: Motion to rerefer to committee agreed to
02/16/17  Senate: Rereferred to Courts of Justice
02/17/17  Senate: Reported from Courts of Justice (14-Y 0-N)
02/20/17  Senate: Read third time
02/20/17  Senate: Engrossed by Senate as amended
02/20/17  Senate: Passed Senate with amendment (39-Y 0-N)
02/20/17  Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
02/20/17  Senate: Passed Senate with amendment (40-Y 0-N)
02/21/17  House: Placed on Calendar
02/21/17  House: Senate amendment agreed to by House (95-Y 0-N)
02/21/17  House: VOTE: ADOPTION (95-Y 0-N)
02/24/17  House: Enrolled
02/24/17  House: Bill text as passed House and Senate (HB2281ER)
02/24/17  House: Signed by Speaker
02/24/17  Senate: Signed by President
02/28/17  House: Enrolled Bill communicated to Governor on 2/28/17
02/28/17  Governor: Governor's Action Deadline Midnight, March 27, 2017
03/13/17  Governor: Approved by Governor-Chapter 394 (effective 7/1/17)
03/13/17  Governor: Acts of Assembly Chapter text (CHAP0394)