VirginiaVirginia Contractor Transaction Recovery Fund; claim limits; license threshold amounts.
What it does
Virginia Contractor Transaction Recovery Fund; claim limits; license threshold amounts. Increases from $20,000 to $30,000 per claim the individual limit of claims against the Virginia Contractor Transaction Recovery Fund based upon an unpaid judgment arising out of the improper or dishonest conduct of a licensed contractor in connection with a single transaction involving contracting and increases from $40,000 to $100,000 during any biennium the aggregate claim limit against a single licensed contractor. The bill also raises the thresholds for the value of single contracts or projects and the total value of all construction, removal, repair, or improvements undertaken by a contractor in a 12-month period that govern each class of contractor's licenses.
More detail
This bill is identical to SB 1059.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 19Acts of Assembly Chapter text (CHAP0127)Latest
- Mar 19Approved by Governor Glenn Youngkin-Chapter 127 (Effective 07/01/25)Became Law
- Feb 18Governor's Action Deadline 11:59 p.m., March 24, 2025To Governor
- Feb 18Enrolled Bill communicated to Governor on February 18, 2025Minor
- Feb 15Signed by PresidentMajor
- Feb 12Signed by SpeakerMajor
- Feb 12Fiscal Impact Statement from Department of Planning and Budget (HB1707)
- Feb 12Bill text as passed House and Senate (HB1707ER)Major
- Feb 12EnrolledMinor
- Feb 10Passed Senate (39-Y 0-N)Passed Senate
- Vote recorded Passed Senate (39-Y 0-N). Result: pass.Upper
- Feb 10Read third timeMinor
- Feb 7Passed by for the day
- Vote recorded Constitutional reading dispensed (on 2nd reading) (38-Y 0-N). Result: pass.Upper
- Feb 7Constitutional reading dispensed (on 2nd reading) (38-Y 0-N)
- Feb 7Rules suspended
- Feb 5Reported from General Laws and Technology (12-Y 0-N)Minor
- Vote recorded Reported from General Laws and Technology (12-Y 0-N). Result: pass.Upper
- Jan 28Referred to Committee on General Laws and TechnologyMinor
- Jan 28Constitutional reading dispensed (on 1st reading)
- Jan 28Fiscal Impact Statement from Department of Planning and Budget (HB1707)
- Jan 27Read third time and passed House (97-Y 0-N)Passed House
- Vote recorded Read third time and passed House (97-Y 0-N). Result: pass.Lower
- Jan 24Read second time and engrossedMinor
- Jan 23Read first timeMinor
- Jan 21Reported from General Laws (21-Y 0-N)Minor
- Vote recorded Reported from General Laws (21-Y 0-N). Result: pass.Lower
- Jan 16Subcommittee recommends reporting (8-Y 0-N)
- Vote recorded Subcommittee recommends reporting (8-Y 0-N). Result: pass.Lower
- Jan 13Assigned GL sub: Professions/Occupations and Administrative ProcessMinor
- Jan 4Referred to Committee on General LawsMinor
- Jan 4Prefiled and ordered printed; Offered 01-08-2025 25100918DIntroduced