Fabio
77 lines
4.1 KiB
Markdown
77 lines
4.1 KiB
Markdown
---
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type: "Bill"
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title: "Common Interest Community Board; developer may obtain surety bond or letter of credit."
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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"
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2018"
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identifier: "SB 443"
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citation: "Virginia SB 443 (2018)"
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classification: ["bill"]
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subjects: ["Commissions", "Boards and Institutions Generally", "Property and Conveyances"]
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status: "enacted"
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primary_sponsors: ["John A. Cosgrove, Jr."]
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version_count: 2
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action_count: 15
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vote_count: 5
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first_action: "2018-01-09"
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last_action: "2018-03-02"
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source: "openstates"
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source_identifier: "ocd-bill/44129c2e-c88b-4a61-a3c9-0330a068df1c"
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source_url: "http://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+SB443"
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source_hash: "7705ec56c723d98bc076e50a784e41de00b3a94297562d2bf55203f9bdf8c580"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia SB 443 (2018) — Common Interest Community Board; developer may obtain surety bond or letter of credit.
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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
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Senate: Bill text as passed Senate and House (SB443ER)** (committee substitute) — [source](http://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB443ER)
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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)
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## Votes
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- Passed House BLOCK VOTE — **100–0** (pass) · legislature
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- Constitutional reading dispensed — **40–0** (pass) · legislature
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- Reported from General Laws — **22–0** (pass) · legislature
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- Read third time and passed Senate — **39–0** (pass) · legislature
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- Reported from General Laws and Technology — **14–0** (pass) · legislature
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## Sponsors
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- John A. Cosgrove, Jr. — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2018-01-09** Prefiled and ordered printed; offered 01/10/18 18104471D `introduction`
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- **2018-01-09** Referred to Committee on General Laws and Technology `referral-committee`
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- **2018-01-18** Read second time and engrossed `reading-2`
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- **2018-01-23** Placed on Calendar
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- **2018-01-23** Read first time `reading-1`
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- **2018-01-23** Referred to Committee on General Laws `referral-committee`
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- **2018-02-19** Read second time `reading-2`
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- **2018-02-20** Read third time `reading-3`
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- **2018-02-20** Passed House BLOCK VOTE (100-Y 0-N) `passage`
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- **2018-02-22** Enrolled
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- **2018-02-22** Signed by Speaker
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- **2018-02-23** Signed by President
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- **2018-02-26** Enrolled Bill Communicated to Governor on February 26, 2018
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- **2018-02-26** Governor's Action Deadline Midnight, March 5, 2018
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- **2018-03-02** Approved by Governor-Chapter 133 (effective 7/1/18) `executive-signature`
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## Source
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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).
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