HB876
Resale Disclosure Act; delivery of resale certificate, remedies.
Summary
As Passed House of Origin. Resale Disclosure Act; delivery of resale certificate; remedies.
Provides that failure to deliver a resale certificate within 14 days, as required by the Resale Disclosure Act, deems the resale certificate unavailable. The bill grants a purchaser three days from the date of ratification of the contract or the date of receipt of the resale certificate or notice that ... (More) such certificate is unavailable, as applicable, to cancel the contract. Additionally, the bill (i) excludes from the resale certificate requirements of the Act an initial disposition of a lot to a person who is not acquiring the lot for his own residence and (ii) allows a resale certificate to be delivered to a purchaser's agent. Current law excludes the resale certificate requirements of the Act for any initial disposition, regardless of its intended use, and only allows a resale certificate to be delivered to a purchaser. Finally, the bill mandates the seller to be responsible for all fees associated with the preparation and delivery of the financial update but allows the settlement agent or other requesting party to pay such fees up front, regardless of whether such settlement agent or other requesting party requests to be reimbursed for such fees from the seller. (Less)-
Bill History
- 01/09/2024 - House: Prefiled and ordered printed; offered 01/10/24 24104484D
- 01/09/2024 - House: Referred to Committee on General Laws
- 01/23/2024 - House: Assigned GL sub: Housing/Consumer Protection
- 01/25/2024 - House: Impact statement from DPB (HB876)
- 01/25/2024 - House: House subcommittee amendments and substitutes offered
- 01/25/2024 - House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 01/30/2024 - House: Reported from General Laws with substitute (22-Y 0-N)
- 01/30/2024 - House: Committee substitute printed 24106278D-H1
- 02/01/2024 - House: Read first time
- 02/02/2024 - House: Read second time
- 02/02/2024 - House: Committee substitute agreed to 24106278D-H1
- 02/02/2024 - House: Engrossed by House - committee substitute HB876H1
- 02/05/2024 - House: Impact statement from DPB (HB876H1)
- 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
- 02/14/2024 - Senate: Reported from General Laws and Technology (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: Passed Senate (39-Y 0-N)
- 02/22/2024 - House: Enrolled
- 02/22/2024 - House: Bill text as passed House and Senate (HB876ER)
- 02/22/2024 - House: Impact statement from DPB (HB876ER)
- 02/22/2024 - House: Signed by Speaker
- 02/25/2024 - Senate: Signed by President
- 03/01/2024 - House: Enrolled Bill communicated to Governor on March 1, 2024
- 03/01/2024 - Governor: Governor's Action Deadline 11:59 p.m., March 8, 2024
- 03/08/2024 - Governor: Approved by Governor-Chapter 54 (effective 7/1/24)
- 03/08/2024 - Governor: Acts of Assembly Chapter text (CHAP0054)
