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 HB 1707.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 19Acts of Assembly Chapter text (CHAP0133)Latest
- Mar 19Approved by Governor Glenn Youngkin-Chapter 133 (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 13Signed by PresidentMajor
- Feb 10Signed by SpeakerMajor
- Feb 10Fiscal Impact Statement from Department of Planning and Budget (SB1059)
- Feb 10Bill text as passed Senate and House (SB1059ER)Major
- Feb 10EnrolledMinor
- Feb 7Passed House (94-Y 0-N)Passed House
- Vote recorded Passed House (94-Y 0-N). Result: pass.Lower
- Feb 7Read third timeMinor
- Feb 6Read second timeMinor
- Feb 4Reported from General Laws (21-Y 0-N)Minor
- Vote recorded Reported from General Laws (21-Y 0-N). Result: pass.Lower
- Feb 3Referred to Committee on General LawsMinor
- Feb 3Read first timeMinor
- Feb 3Placed on Calendar
- Jan 29Fiscal Impact Statement from Department of Planning and Budget (SB1059)
- Jan 28Read third time and passed Senate (39-Y 0-N)Passed Senate
- Vote recorded Read third time and passed Senate (39-Y 0-N). Result: pass.Upper
- Jan 27Engrossed by Senate
- Jan 27Read second timeMinor
- Jan 24Passed by for the day
- Vote recorded Constitutional reading dispensed (on 1st reading) (37-Y 0-N). Result: pass.Upper
- Jan 24Constitutional reading dispensed (on 1st reading) (37-Y 0-N)
- Jan 24Rules suspended
- Jan 22Reported from General Laws and Technology (15-Y 0-N)Minor
- Vote recorded Reported from General Laws and Technology (15-Y 0-N). Result: pass.Upper
- Jan 7Referred to Committee on General Laws and TechnologyMinor
- Jan 7Prefiled and ordered printed; Offered 01-08-2025 25102900DIntroduced