republic-os/legislation/us/states/va/2017/hb-1505.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Perpetual care trust funds; method of distribution.	Allows cemetery companies to request the trustee of a perpetual care trust fund to elect a total return distribution method for distributions from the trust. The bill provides that a total return distribution method allows the distribution of an amount not to exceed five percent of the fair market value of the perpetual care trust fund at the close of its preceding fiscal year. The bill contains notice and reporting requirements for the election and implementation of this method to the trustee, Cemetery Board, and commissioner of accounts. The bill sets forth requirements that a trustee using such method must meet, including adoption of a written investment and distribution policy, responsible investment decision making, and monitoring of the trust's fair market value. The bill prohibits a trustee from making distributions from the trust under the total return distribution method if (i) the fair market value of the trust after the distribution would be less than the aggregate of 80 percent of the fair market value of the trust at the close of the preceding fiscal year plus the total contributions made to the trust principal from such date to the date that the method of distribution is elected or (ii) beginning with the third year of using a total return distribution method, a three-year analysis of investment returns and distribution practices indicates insufficient protection of the trust principal. The bill requires the Cemetery Board to review conversions of perpetual care trust fund distribution methods for compliance with the requirements of the bill and allows the Cemetery Board to limit or prohibit conversions to and distributions under the total return distribution method under certain circumstances, including where the trustee or investment manager is without sufficient knowledge and expertise regarding implementation of this method. Under current law, a trustee of a perpetual care trust fund may make distributions only from the trust's net income and, absent approval by the Cemetery Board or a court, the trust principal may be used only for investment purposes. The bill refers to this method as the "net income distribution method" and establishes this as the default distribution method in the event that a cemetery company does not elect a distribution method. This bill is identical to	us/states/va	Virginia General Assembly	2017	HB 1505	Virginia HB 1505 (2017)	bill	Professions and Occupations	enacted	T. Scott Garrett	3	16	7	2016-12-19	2017-02-17	openstates	ocd-bill/761ff6e8-5807-4a86-8410-e8366b011fbe	http://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+HB1505	c2aad7e9b4b6164df8d2a2dce0ed1dca94d433a4fef02007bce19a2d1eb74436	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-va

Virginia HB 1505 (2017) — Perpetual care trust funds; method of distribution.

Allows cemetery companies to request the trustee of a perpetual care trust fund to elect a total return distribution method for distributions from the trust. The bill provides that a total return distribution method allows the distribution of an amount not to exceed five percent of the fair market value of the perpetual care trust fund at the close of its preceding fiscal year. The bill contains notice and reporting requirements for the election and implementation of this method to the trustee, Cemetery Board, and commissioner of accounts. The bill sets forth requirements that a trustee using such method must meet, including adoption of a written investment and distribution policy, responsible investment decision making, and monitoring of the trust's fair market value. The bill prohibits a trustee from making distributions from the trust under the total return distribution method if (i) the fair market value of the trust after the distribution would be less than the aggregate of 80 percent of the fair market value of the trust at the close of the preceding fiscal year plus the total contributions made to the trust principal from such date to the date that the method of distribution is elected or (ii) beginning with the third year of using a total return distribution method, a three-year analysis of investment returns and distribution practices indicates insufficient protection of the trust principal. The bill requires the Cemetery Board to review conversions of perpetual care trust fund distribution methods for compliance with the requirements of the bill and allows the Cemetery Board to limit or prohibit conversions to and distributions under the total return distribution method under certain circumstances, including where the trustee or investment manager is without sufficient knowledge and expertise regarding implementation of this method. Under current law, a trustee of a perpetual care trust fund may make distributions only from the trust's net income and, absent approval by the Cemetery Board or a court, the trust principal may be used only for investment purposes. The bill refers to this method as the "net income distribution method" and establishes this as the default distribution method in the event that a cemetery company does not elect a distribution method. This bill is identical to

Version chain

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

1. Governor: Acts of Assembly Chapter text (CHAP0012) (committee substitute) — source
2. House: Bill text as passed House and Senate (HB1505ER) (committee substitute) — source
3. House: Prefiled and ordered printed; offered 01/11/17 17101195D (committee substitute) — source

Votes

• Passed Senate — 40–0 (pass) · legislature
• Reported from General Laws and Technology — 13–0 (pass) · legislature
• Rereferred from Education and Health — 15–0 (pass) · legislature
• Rereferred from Rehabilitation and Social Services — 14–0 (pass) · legislature
• Read third time and passed House BLOCK VOTE — 92–0 (pass) · legislature
• Reported from Health, Welfare and Institutions — 22–0 (pass) · legislature
• Constitutional reading dispensed — 39–0 (pass) · legislature

Sponsors

• T. Scott Garrett — primary (person)

Timeline

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

• 2016-12-19 Prefiled and ordered printed; offered 01/11/17 17101195D introduction
• 2016-12-19 Referred to Committee on Health, Welfare and Institutions referral-committee
• 2017-01-18 Read first time reading-1
• 2017-01-19 Read second time and engrossed reading-2
• 2017-01-20 Read third time and passed House BLOCK VOTE (92-Y 0-N) passage, reading-3
• 2017-01-23 Constitutional reading dispensed
• 2017-01-23 Referred to Committee on Education and Health referral-committee
• 2017-01-26 Rereferred to Rehabilitation and Social Services referral-committee
• 2017-01-27 Rereferred to General Laws and Technology referral-committee
• 2017-02-09 Read third time reading-3
• 2017-02-13 Enrolled
• 2017-02-13 Signed by Speaker
• 2017-02-13 Signed by President
• 2017-02-14 Enrolled Bill communicated to Governor on 2/14/17
• 2017-02-14 Governor's Action Deadline Midnight, February 21, 2017
• 2017-02-17 Approved by Governor-Chapter 12 (effective 7/1/17) executive-signature

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/761ff6e8-5807-4a86-8410-e8366b011fbe. Confidence: reported (aggregated from official Virginia legislature records).