On Mar. 18, VA LEG enacted bill on resale disclosure and certificate.
VA LEG enacted HB 1704 (SB 808) to amend VA LEG 55.1-IV-23.1-55.1-2310 on the Resale disclosure act, resale certificate, payment obligation for INS deductible.
Bill Provisions
The bill requires resale certificate form to include a statement indicating that the governing documents of an association may make an owner responsible for payment.
Of all or part of the deductible when making a claim against any insurance provided by the association for benefit of the owners/insurance coverage recommended/required.
The resale certificate form was developed by the Common Interest Community Board.
Legislative History
On Jan. 23, 2025, bill introduced in House; on Jan. 27, 2025, bill was passed in House.
On Jan. 28, 2025, bill delivered to Senate; on Feb. 10, 2025, bill passed in Senate.
On Mar. 18, 2025, bill was approved by the governor, and became Chapter 14.
Effectiveness
Bill re resale disclosure and insurance payment deductible is effective on Jul. 1, 2025.
Regulators
VA LEG
Entity Types
Ins
Reference
Ch. 14, Bill HB1704, SB808, 3/18/2025; Citation: VA LEG 55.1-IV-23.1-55.1-2310;
