VirginiaConventional home mortgage loans; assumption provisions.
What it does
Conventional home mortgage loans; assumption provisions. Requires any lender for any conventional home mortgage loan secured on or after July 1, 2026, by a mortgage or deed of trust on owner-occupied residential real estate located in the Commonwealth to include provisions in such loan to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage in connection with a decree of annulment or divorce if the assuming borrower qualifies for the underlying loan, as determined by the lender.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 13Approved by Governor Abigail Spanberger-Chapter 962 (effective 7/1/2026)Became Law
- Mar 10Governor's Action Deadline 11:59 p.m., April 13, 2026To Governor
- Mar 10Enrolled Bill communicated to Governor on March 10, 2026Minor
- Mar 5Fiscal Impact Statement from State Corporation Commission (HB304)
- Mar 3Signed by PresidentMajor
- Mar 3Signed by SpeakerMajor
- Mar 3Bill text as passed House and Senate (HB304ER)Major
- Mar 3EnrolledMinor
- Feb 26Passed Senate (40-Y 0-N 0-A)Major
- Vote recorded Passage R. Result: pass.Upper
- Feb 26Read third timeMinor
- Feb 25Passed by for the day Block Vote (Voice Vote)
- Vote recorded Constitutional reading dispensed (on 2nd reading). Result: pass.Upper
- Feb 25Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
- Feb 25Rules suspended
- Feb 23Reported from Commerce and Labor (15-Y 0-N)Minor
- Vote recorded Reported from Commerce and Labor. Result: pass.Upper
- Feb 5Fiscal Impact Statement from State Corporation Commission (HB304)
- Feb 5Referred to Committee on Commerce and LaborMinor
- Feb 5Constitutional reading dispensed (on 1st reading)
- Feb 4Passed House (98-Y 0-N 0-A)Passed Senate
- Vote recorded H VOTE:. Result: pass.Lower
- Vote recorded H VOTE:. Result: pass.Lower
- Feb 4Reconsideration of passage agreed to by House
- Feb 4Read third time and passed House (97-Y 1-N 0-A)Passed House
- Feb 3Engrossed by House as amended
- Feb 3committee amendments agreed toMajor
- Feb 3Read second timeMinor
- Feb 2Read first timeMinor
- Jan 29Reported from Labor and Commerce with amendment(s) (22-Y 0-N)Minor
- Vote recorded Reported from Labor and Commerce with amendment(s). Result: pass.Lower
- Jan 27Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
- Vote recorded Subcommittee recommends reporting with amendment(s). Result: pass.Lower
- Jan 27House subcommittee offered
- Jan 19Fiscal Impact Statement from State Corporation Commission (HB304)
- Jan 19Assigned HCL sub: Subcommittee #1Minor
- Jan 9Referred to Committee on Labor and CommerceMinor
- Jan 9Prefiled and ordered printed; Offered 01-14-2026 26101895DIntroduced