VirginiaMortgages; annual notice of potential assumption required, delayed effective date.
What it does
Mortgages; annual notice of potential assumption required. Requires a mortgage lender to send an annual notice to the owner of residential real estate that is encumbered by a mortgage that such mortgage may be assumable in connection with certain federally backed loans or conventional loans. The bill has a delayed effective date of January 1, 2027.
More detail
As introduced, this bill was a recommendation of the Virginia Housing Commission.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Mar 10Left in Labor and CommerceLatest
- Feb 24Subcommittee recommends laying on the table (6-Y 2-N)
- Vote recorded Subcommittee recommends laying on the table. Result: pass.Lower
- Feb 23Fiscal Impact Statement from State Corporation Commission (SB546)
- Feb 17Assigned HCL sub: Subcommittee #1Minor
- Feb 4Referred to Committee on Labor and CommerceMinor
- Feb 4Read first timeMinor
- Feb 4Placed on Calendar
- Jan 30Read third time and passed Senate (38-Y 0-N 0-A)Passed Senate
- Vote recorded Passage R. Result: pass.Upper
- Jan 29Engrossed by Senate as amended
- Jan 29Engrossed by Senate (Voice Vote)
- Jan 29Commerce and Labor Amendments agreed toMajor
- Jan 29Read second timeMinor
- Jan 28Passed by for the day
- Vote recorded Constitutional reading dispensed R. Result: pass.Upper
- Jan 28Passed by for the day Block Vote (Voice Vote)
- Jan 28Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
- Jan 28Rules suspended
- Jan 26Reported from Commerce and Labor with amendments (15-Y 0-N)Minor
- Vote recorded Reported from Commerce and Labor with amendments. Result: pass.Upper
- Jan 26Senate committee offered
- Jan 25Fiscal Impact Statement from State Corporation Commission (SB546)
- Jan 14Referred to Committee on Commerce and LaborMinor
- Jan 14Prefiled and ordered printed; Offered 01-14-2026 26101250DIntroduced