---
type: "Bill"
title: "Common Interest Community Board; developer may obtain surety bond or letter of credit."
description: "Provides that in lieu of escrowing deposits made in connection with the purchase or reservation of a time-share product a developer may obtain a corporate surety bond or letter of credit with the Common Interest Community Board where the time-share project consists of more than 25 units. Currently, the developer is required to escrow the individual deposits for every purchase and file with the Board a bond or letter of credit or cash for the purpose of protecting all deposits. This bill is identical to"
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2018"
identifier: "SB 443"
citation: "Virginia SB 443 (2018)"
classification: ["bill"]
subjects: ["Commissions", "Boards and Institutions Generally", "Property and Conveyances"]
status: "enacted"
primary_sponsors: ["John A. Cosgrove, Jr."]
version_count: 2
action_count: 15
vote_count: 5
first_action: "2018-01-09"
last_action: "2018-03-02"
source: "openstates"
source_identifier: "ocd-bill/44129c2e-c88b-4a61-a3c9-0330a068df1c"
source_url: "http://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+SB443"
source_hash: "7705ec56c723d98bc076e50a784e41de00b3a94297562d2bf55203f9bdf8c580"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-va"]
---

# Virginia SB 443 (2018) — Common Interest Community Board; developer may obtain surety bond or letter of credit.

Provides that in lieu of escrowing deposits made in connection with the purchase or reservation of a time-share product a developer may obtain a corporate surety bond or letter of credit with the Common Interest Community Board where the time-share project consists of more than 25 units. Currently, the developer is required to escrow the individual deposits for every purchase and file with the Board a bond or letter of credit or cash for the purpose of protecting all deposits. This bill is identical to

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Senate: Bill text as passed Senate and House (SB443ER)** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB443ER)
2. **Senate: Prefiled and ordered printed; offered 01/10/18 18104471D** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB443)

## Votes

- Passed House BLOCK VOTE — **100–0** (pass) · legislature
- Constitutional reading dispensed — **40–0** (pass) · legislature
- Reported from General Laws — **22–0** (pass) · legislature
- Read third time and passed Senate — **39–0** (pass) · legislature
- Reported from General Laws and Technology — **14–0** (pass) · legislature

## Sponsors

- John A. Cosgrove, Jr. — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2018-01-09** Prefiled and ordered printed; offered 01/10/18 18104471D `introduction`
- **2018-01-09** Referred to Committee on General Laws and Technology `referral-committee`
- **2018-01-18** Read second time and engrossed `reading-2`
- **2018-01-23** Placed on Calendar
- **2018-01-23** Read first time `reading-1`
- **2018-01-23** Referred to Committee on General Laws `referral-committee`
- **2018-02-19** Read second time `reading-2`
- **2018-02-20** Read third time `reading-3`
- **2018-02-20** Passed House BLOCK VOTE (100-Y 0-N) `passage`
- **2018-02-22** Enrolled
- **2018-02-22** Signed by Speaker
- **2018-02-23** Signed by President
- **2018-02-26** Enrolled Bill Communicated to Governor on February 26, 2018
- **2018-02-26** Governor's Action Deadline Midnight, March 5, 2018
- **2018-03-02** Approved by Governor-Chapter 133 (effective 7/1/18) `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/44129c2e-c88b-4a61-a3c9-0330a068df1c`. Confidence: reported (aggregated from official Virginia legislature records).