republic-os/legislation/us/states/va/2026/hb-304.md

---
type: "Bill"
title: "Conventional home mortgage loans; assumption provisions."
description: "Conventional home mortgage loans; assumption provisions. Requires any lender for any conventional home mortgage loan secured on or after July 1, 2026, by a mortgage or deed of trust on owner-occupied residential real estate located in the Commonwealth to include provisions in such loan to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage in connection with a decree of annulment or divorce if the assuming borrower qualifies for the underlying loan, as determined by the lender."
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2026"
identifier: "HB 304"
citation: "Virginia HB 304 (2026)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["Richard C. \"Rip\" Sullivan, Jr."]
version_count: 5
action_count: 31
vote_count: 7
first_action: "2026-01-09"
last_action: "2026-04-13"
source: "openstates"
source_identifier: "ocd-bill/9d121afc-1c42-438d-be0d-4571d82a9a03"
source_url: "https://lis.virginia.gov/bill-details/20261/HB304"
source_hash: "a4bd39ab231ed7cc159ea3848391151ca4257b209adb85af6771c8573919b614"
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 HB 304 (2026) — Conventional home mortgage loans; assumption provisions.

Conventional home mortgage loans; assumption provisions. Requires any lender for any conventional home mortgage loan secured on or after July 1, 2026, by a mortgage or deed of trust on owner-occupied residential real estate located in the Commonwealth to include provisions in such loan to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage in connection with a decree of annulment or divorce if the assuming borrower qualifies for the underlying loan, as determined by the lender.

## Version chain

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

1. **Introduced** (filed) — [source](https://lis.blob.core.windows.net/files/1083770.PDF)
2. **Engrossed** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1104988.PDF)
3. **Labor and Commerce Amendment** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1103456.HTML)
4. **Subcommittee #1 Subcommittee Amendment** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1098945.HTML)
5. **Enrolled** (enrolled) — [source](https://lis.blob.core.windows.net/files/1187052.PDF)

## Votes

- Reported from Commerce and Labor — **15–0** (pass) · upper
- Reported from Labor and Commerce with amendment(s) — **22–0** (pass) · lower
- Subcommittee recommends reporting with amendment(s) — **9–0** (pass) · lower
- H VOTE: — **97–1** (pass) · lower
- Constitutional reading dispensed (on 2nd reading) — **40–0** (pass) · upper
- H VOTE: — **98–0** (pass) · lower
- Passage R — **40–0** (pass) · upper

## Sponsors

- Richard C. "Rip" Sullivan, Jr. — primary (person)

## Timeline

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

- **2026-01-09** Prefiled and ordered printed; Offered 01-14-2026 26101895D `filing, introduction`
- **2026-01-09** Referred to Committee on Labor and Commerce `referral-committee`
- **2026-01-19** Assigned HCL sub: Subcommittee #1 `referral-committee`
- **2026-01-19** Fiscal Impact Statement from State Corporation Commission (HB304)
- **2026-01-27** House subcommittee offered
- **2026-01-27** Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
- **2026-01-29** Reported from Labor and Commerce with amendment(s) (22-Y 0-N) `committee-passage`
- **2026-02-02** Read first time `reading-1`
- **2026-02-03** Read second time `reading-2`
- **2026-02-03** committee amendments agreed to `amendment-passage`
- **2026-02-03** Engrossed by House as amended
- **2026-02-04** Read third time and passed House (97-Y 1-N 0-A) `passage, reading-3`
- **2026-02-04** Reconsideration of passage agreed to by House
- **2026-02-04** Passed House (98-Y 0-N 0-A) `passage`
- **2026-02-05** Constitutional reading dispensed (on 1st reading)
- **2026-02-05** Referred to Committee on Commerce and Labor `referral-committee`
- **2026-02-05** Fiscal Impact Statement from State Corporation Commission (HB304)
- **2026-02-23** Reported from Commerce and Labor (15-Y 0-N) `committee-passage`
- **2026-02-25** Rules suspended
- **2026-02-25** Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
- **2026-02-25** Passed by for the day Block Vote (Voice Vote)
- **2026-02-26** Read third time `reading-3`
- **2026-02-26** Passed Senate (40-Y 0-N 0-A) `passage`
- **2026-03-03** Enrolled `enrolled`
- **2026-03-03** Bill text as passed House and Senate (HB304ER) `passage`
- **2026-03-03** Signed by Speaker `passage`
- **2026-03-03** Signed by President `passage`
- **2026-03-05** Fiscal Impact Statement from State Corporation Commission (HB304)
- **2026-03-10** Enrolled Bill communicated to Governor on March 10, 2026 `enrolled, executive-receipt`
- **2026-03-10** Governor's Action Deadline 11:59 p.m., April 13, 2026 `executive-receipt`
- **2026-04-13** Approved by Governor-Chapter 962 (effective 7/1/2026) `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/9d121afc-1c42-438d-be0d-4571d82a9a03`. Confidence: reported (aggregated from official Virginia legislature records).