SB 966 Residential rental property.
Mark D. Obenshain | all patrons    ...    notes
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Summary as passed Senate: (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:
01/03/17  Senate: Prefiled and ordered printed; offered 01/11/17 17102231D  pdf | impact statement
01/30/17  Senate: Committee substitute printed 17104907D-S1  pdf | impact statement
02/14/17  Senate: Bill text as passed Senate and House (SB966ER)  pdf | impact statement
02/20/17  Governor: Acts of Assembly Chapter text (CHAP0067)  pdf

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