HB1209
Common interest communities; reserve studies, special assessment rescission or reduction.
Summary
As Passed Both Chambers. Common interest communities; reserve studies; special assessment rescission or reduction.
Removes certain provisions of the Property Owners' Association Act and the Virginia Condominium Act that authorize associations governed by such Acts to rescind or reduce certain assessments necessary for the maintenance and upkeep of the common area or other association responsibilities, including maintenance, repair, and replacement of capital components. The ... (More) bill also authorizes such associations to borrow money for certain purposes and assign all revenues to be received by such association to its creditors. Finally, the bill defines the term "reserve study" as a capital budget planning tool used to determine the physical status and estimated repair or replacement cost of capital components and an analysis of association funding capacity to maintain, repair, and replace capital components. (Less)-
Bill History
- 01/10/2024 - House: Prefiled and ordered printed; offered 01/10/24 24105157D
- 01/10/2024 - House: Referred to Committee on General Laws
- 01/22/2024 - House: Assigned GL sub: Housing/Consumer Protection
- 01/24/2024 - House: Impact statement from DPB (HB1209)
- 01/25/2024 - House: Subcommittee recommends reporting (7-Y 1-N)
- 01/30/2024 - House: House committee, floor amendments and substitutes offered
- 01/30/2024 - House: Reported from General Laws with amendment(s) (22-Y 0-N)
- 02/01/2024 - House: Read first time
- 02/02/2024 - House: Read second time
- 02/02/2024 - House: Committee amendments agreed to
- 02/02/2024 - House: Engrossed by House as amended HB1209E
- 02/02/2024 - House: Printed as engrossed 24105157D-E
- 02/05/2024 - House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 02/05/2024 - House: VOTE: Block Vote Passage (98-Y 0-N)
- 02/06/2024 - Senate: Constitutional reading dispensed
- 02/06/2024 - Senate: Referred to Committee on General Laws and Technology
- 02/12/2024 - House: Impact statement from DPB (HB1209E)
- 02/14/2024 - Senate: Senate committee, floor amendments and substitutes offered
- 02/14/2024 - Senate: Reported from General Laws and Technology with amendments (15-Y 0-N)
- 02/16/2024 - Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/19/2024 - Senate: Read third time
- 02/19/2024 - Senate: Reading of amendments waived
- 02/19/2024 - Senate: Committee amendments agreed to
- 02/19/2024 - Senate: Engrossed by Senate as amended
- 02/19/2024 - Senate: Passed Senate with amendments (31-Y 8-N)
- 02/21/2024 - House: Senate amendments agreed to by House (92-Y 5-N)
- 02/21/2024 - House: VOTE: Adoption (92-Y 5-N)
- 02/27/2024 - House: Enrolled
- 02/27/2024 - House: Bill text as passed House and Senate (HB1209ER)
- 02/27/2024 - House: Impact statement from DPB (HB1209ER)
- 02/27/2024 - House: Signed by Speaker
- 03/01/2024 - Senate: Signed by President
- 03/11/2024 - House: Enrolled Bill communicated to Governor on March 11, 2024
- 03/11/2024 - Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 04/02/2024 - Governor: Approved by Governor-Chapter 324 (effective 7/1/24)
- 04/02/2024 - Governor: Acts of Assembly Chapter text (CHAP0324)
