Fabio
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5.0 KiB
Markdown
91 lines
5.0 KiB
Markdown
---
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type: "Bill"
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title: "Uniform Fiduciary Income and Principal Act; replaces prior Act."
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description: "Uniform Fiduciary Income and Principal Act.Codifies the Uniform Fiduciary Income and Principal Act, which replacesthe prior uniform act to reflect modern trust investment practicesin the allocation of principal and income. The bill provides proceduresfor trustees administering estates and gives them additional flexibilityto administer discretionary trusts to ensure that the intention ofthe creator of the trust is accomplished. The bill includes provisionsfor converting a traditional trust into a \"unitrust\" to allow fortotal-return investing."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2022"
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identifier: "HB 370"
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citation: "Virginia HB 370 (2022)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Richard C. \"Rip\" Sullivan, Jr."]
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version_count: 3
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action_count: 26
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vote_count: 7
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first_action: "2022-01-11"
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last_action: "2022-04-11"
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source: "openstates"
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source_identifier: "ocd-bill/4dbf9b89-d55e-43b4-a7a4-7a8409d0e38e"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB370"
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source_hash: "90ea92dbc05c0a20f852235027aa5cd28e390d82fa85c81f231f870db8c231e5"
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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 HB 370 (2022) — Uniform Fiduciary Income and Principal Act; replaces prior Act.
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Uniform Fiduciary Income and Principal Act.Codifies the Uniform Fiduciary Income and Principal Act, which replacesthe prior uniform act to reflect modern trust investment practicesin the allocation of principal and income. The bill provides proceduresfor trustees administering estates and gives them additional flexibilityto administer discretionary trusts to ensure that the intention ofthe creator of the trust is accomplished. The bill includes provisionsfor converting a traditional trust into a "unitrust" to allow fortotal-return investing.
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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. **CHAP0354** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+CHAP0354)
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2. **HB370ER** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB370ER)
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3. **Prefiled and ordered printed; offered 01/12/22 22102105D** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB370)
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## Votes
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- Constitutional reading dispensed (38-Y 0-N) — **38–0** (pass) · upper
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- Passed Senate (40-Y 0-N) — **40–0** (pass) · upper
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- VOTE: Passage #2 (100-Y 0-N) — **99–0** (pass) · lower
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- Reported from Courts of Justice (18-Y 0-N) — **18–0** (pass) · lower
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- Subcommittee recommends reporting (8-Y 0-N) — **8–0** (pass) · lower
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- Reported from Judiciary (14-Y 0-N) — **14–0** (pass) · upper
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- VOTE: Block Vote Passage (99-Y 0-N) — **98–0** (pass) · lower
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## Sponsors
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- Richard C. "Rip" Sullivan, 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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- **2022-01-11** Prefiled and ordered printed; offered 01/12/22 22102105D `introduction`
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- **2022-01-11** Referred to Committee for Courts of Justice `referral-committee`
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- **2022-01-25** Assigned Courts sub: Subcommittee #2 `referral-committee`
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- **2022-01-26** Subcommittee recommends reporting (8-Y 0-N)
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- **2022-01-28** Reported from Courts of Justice (18-Y 0-N) `committee-passage`
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- **2022-02-01** Read first time `reading-1`
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- **2022-02-02** Read second time and engrossed `reading-2`
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- **2022-02-03** Impact statement from DPB (HB370)
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- **2022-02-03** Read third time and passed House Block Vote (99-Y 0-N) `passage, reading-3`
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- **2022-02-03** VOTE: Block Vote Passage (99-Y 0-N)
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- **2022-02-03** Reconsideration of passage agreed to by House
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- **2022-02-03** Passed House (100-Y 0-N) `passage`
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- **2022-02-03** VOTE: Passage #2 (100-Y 0-N)
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- **2022-02-04** Constitutional reading dispensed
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- **2022-02-04** Referred to Committee on the Judiciary `referral-committee`
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- **2022-02-16** Reported from Judiciary (14-Y 0-N) `committee-passage`
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- **2022-02-18** Constitutional reading dispensed (38-Y 0-N)
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- **2022-02-21** Read third time `reading-3`
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- **2022-02-21** Passed Senate (40-Y 0-N) `passage`
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- **2022-02-23** Enrolled
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- **2022-02-23** Signed by Speaker
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- **2022-02-23** Signed by President
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- **2022-02-24** Impact statement from DPB (HB370ER)
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- **2022-03-09** Enrolled Bill communicated to Governor on March 9, 2022
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- **2022-03-09** Governor's Action Deadline 11:59 p.m., April 11, 2022
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- **2022-04-11** Approved by Governor-Chapter 354 (effective 7/1/22) `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/4dbf9b89-d55e-43b4-a7a4-7a8409d0e38e`. Confidence: reported (aggregated from official Virginia legislature records).
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