SB526
Resale Disclosure Act; fees charged for delivery of resale certificate.
Summary
As Passed Both Chambers. 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 authorized 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. However, the settlement agent or other requesting party may pay such fees up front, regardless of whether such requesting party requests to be reimbursed for such fees from the seller. (Less)-
Bill History
- 01/09/2024 - Senate: Prefiled and ordered printed; offered 01/10/24 24105078D
- 01/09/2024 - Senate: Referred to Committee for Courts of Justice
- 01/17/2024 - Senate: Rereferred from Courts of Justice (11-Y 0-N)
- 01/17/2024 - Senate: Rereferred to General Laws and Technology
- 01/24/2024 - Senate: Senate committee, floor amendments and substitutes offered
- 01/24/2024 - Senate: Reported from General Laws and Technology with substitute (15-Y 0-N)
- 01/24/2024 - Senate: Committee substitute printed 24105994D-S1
- 01/26/2024 - Senate: Constitutional reading dispensed (37-Y 0-N)
- 01/29/2024 - Senate: Read second time
- 01/29/2024 - Senate: Reading of substitute waived
- 01/29/2024 - Senate: Committee substitute agreed to 24105994D-S1
- 01/29/2024 - Senate: Engrossed by Senate - committee substitute SB526S1
- 01/30/2024 - Senate: Read third time and passed Senate (40-Y 0-N)
- 01/31/2024 - Senate: Impact statement from DPB (SB526S1)
- 02/13/2024 - House: Placed on Calendar
- 02/13/2024 - House: Read first time
- 02/13/2024 - House: Referred to Committee on General Laws
- 02/15/2024 - House: Reported from General Laws with substitute (22-Y 0-N)
- 02/15/2024 - House: Committee substitute printed 24107739D-H1
- 02/19/2024 - House: Read second time
- 02/20/2024 - House: Read third time
- 02/20/2024 - House: Committee substitute agreed to 24107739D-H1
- 02/20/2024 - House: Engrossed by House - committee substitute SB526H1
- 02/20/2024 - House: Passed House with substitute BLOCK VOTE (98-Y 0-N)
- 02/20/2024 - House: VOTE: Block Vote Passage (98-Y 0-N)
- 02/22/2024 - Senate: House substitute agreed to by Senate (40-Y 0-N)
- 02/22/2024 - Senate: Title replaced 24107739D-H1
- 02/26/2024 - Senate: Impact statement from DPB (SB526H1)
- 02/27/2024 - Senate: Enrolled
- 02/27/2024 - Senate: Bill text as passed Senate and House (SB526ER)
- 02/27/2024 - Senate: Impact statement from DPB (SB526ER)
- 02/27/2024 - House: Signed by Speaker
- 03/01/2024 - Senate: Signed by President
- 03/11/2024 - Senate: Enrolled Bill Communicated to Governor on March 11, 2024
- 03/11/2024 - Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 04/04/2024 - Governor: Approved by Governor-Chapter 511 (effective 7/1/24)
- 04/04/2024 - Governor: Acts of Assembly Chapter text (CHAP0511)
