Real estate brokers; protection of real estate escrow funds.
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SB 533 — Real estate brokers; protection of real estate escrow funds.
Last action — Approved by Governor-Chapter 380 (effective 7/1/22)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House of Delegates
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 12, 2022. Enacted.
Signed by Governor Glenn Youngkin (Republican) on April 11, 2022.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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1 sponsor
1 primary, 0 co-sponsors signed on.
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Cleared a recorded vote
Passed 6 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
Department of Professional and Occupational Regulation; real estate brokers; protection of real estate escrow funds. Clarifies that, upon the ratification of a contract, an earnest money deposit received by the principal broker or supervising broker, or an agent of such principal broker or supervising broker, that will be held in the firm's escrow account shall be placed in such account by the end of the fifth business banking day following ratification, unless otherwise agreed to in writing by the principals to the transaction. The bill provides that if an earnest money deposit received by the principal broker or supervising broker, or an agent of such principal broker or supervising broker, will not be held in the firm's escrow account, the principal broker or supervising broker shall ensure that the earnest money deposit is delivered to the escrow agent named in the contract by the end of the fifth business banking day following receipt of the deposit, unless otherwise agreed to in writing by the principals to the transaction.
Bill Text
What changed in the latest version
50 added · 48 removedPlain-language change summary
The recent amendments to the bill clarify and streamline the rules regarding how earnest money deposits should be handled by real estate brokers in Virginia. Notably, it specifies that any earnest money must be placed into an escrow account within five business days after a contract is agreed upon, ensuring better protection for buyers' funds. This change matters because it enhances transparency and accountability in real estate transactions, ultimately providing more security for consumers involved in home purchases.
SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E380 An Act to amend and reenact § 54.1-2108.2 of the Code of Virginia, relating to the Department of Professional and Occupational Regulation;
R O [S 533] L Approved LApril 11, 2022 Be it enacted by the General Assembly of Virginia:
E § 54.1-2108.2.
Upon the ratification of a contract, an earnest money deposit received by the principal broker or supervisingfirm's broker,escrow oraccount anshall agentbe ofplaced suchin principalan brokersuch orescrow supervisingaccount broker,by thatthe isend toof bethe heldfifth businessld in the banking day following ratification, unless otherwise agreed to in writing by the principals to the transaction, and shall remain in that account until the transaction has been consummated or terSinated.terminated.
If a principal broker or supervising broker, or an agent of such principal broker or supervising broker, receives an earnest money deposit that will not be held in the firm's escrow account, the principal broker or supervising broker shall ensure that the earnest money deposit is deliveredEtodelivered to the escrow agent named in the contract by the end of the fifth business banking day following receipt of the deposit, unless otherwise agreed to in writing by the principals to the transaction.
shall3. hold such funds in escrow until (i) all principals to the transaction have agreed in a writtener agreement as to their disposition, upon which the funds shall be returned to the agreed-upon principal as provided in such written agreement;
In the event that the transaction is not consummated, the principal broker or supervising broker shall hold such funds in escrow until (i) all principals to the transaction have agreed in a written agreement as to their disposition, upon which the funds shall be returned to the agreed-upon principal as provided in such written agreement;
At the option of a broker, written notice may be sent by the broker that release of such funds shall be made unless a written protest is received from the principal who is not receiving the funds by suchlsuch broker within 15 calendar days of the date of such notice.
(c) electronic means, provided that the sender retains sufficient proof of the electronic delivery, which may be an electronic receipt of delivery, a confirmation that the notice was sent by facsimile, or a certificate of service prepared by the sender confirming the electronic delivery;
A principal broker or supervising broker holding escrow funds for a principal to the transaction may seek to have a court of competent jurisdiction take custody of disputed or unclaimed escrow funds via4.via an interpleader action pursuant to § 16.1-77.
4.
View plain text versions (3)
- CHAP0380 View text Current pdf April 11, 2022
- SB533ER View text pdf March 09, 2022
- Prefiled Prefiled and ordered printed; offered 01/12/22 22104098D pdf January 12, 2022
Action History
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Approved by Governor-Chapter 380 (effective 7/1/22)
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Governor's Action Deadline 11:59 p.m., April 11, 2022
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Enrolled Bill Communicated to Governor on March 22, 2022
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Impact statement from DPB (SB533ER)
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Signed by President
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Signed by Speaker
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Enrolled
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VOTE: Block Vote Passage (99-Y 0-N)
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Passed House BLOCK VOTE (99-Y 0-N)
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Read third time
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Read second time
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Reported from General Laws (22-Y 0-N)
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Subcommittee recommends reporting (8-Y 0-N)
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Assigned GL sub: Subcommittee #1
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Referred to Committee on General Laws
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Read first time
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Placed on Calendar
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Read third time and passed Senate (40-Y 0-N)
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Read second time and engrossed
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Constitutional reading dispensed (37-Y 0-N)
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Impact statement from DPB (SB533)
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Reported from General Laws and Technology (15-Y 0-N)
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Referred to Committee on General Laws and Technology
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Prefiled and ordered printed; offered 01/12/22 22104098D
Sponsors
- Lewis, Lynwood W., Jr. · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 147 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (147)
147 members have not signed on to this bill.
Show all 147 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 98 | 0 | 0 | 1 |
| Total | 98 | 0 | 0 | 1 |
| % of votes cast | 99% | 0% | 0% | 1% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 22 | 0 | 0 | 0 |
| Total | 22 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Adams, Dawn M. | — | Yea |
| Betsy B. Carr | — | Yea |
| Bulova, David L. | — | Yea |
| Campbell, Jeffrey L. | — | Yea |
| Chris S. Runion | — | Yea |
| Coyner, Carrie E. | — | Yea |
| Danica A. Roem | — | Yea |
| Emily M. Jordan | — | Yea |
| Fowler, Hyland F."Buddy," Jr. | — | Yea |
| James A. "Jay" Leftwich | — | Yea |
| James W. Morefield | — | Yea |
| Jenkins, Clinton L. | — | Yea |
| Knight, Barry D. | — | Yea |
| Luke E. Torian | — | Yea |
| Marcia S. "Cia" Price | — | Yea |
| Murphy, Kathleen | — | Yea |
| Paul E. Krizek | — | Yea |
| Robinson, Roxann L. | — | Yea |
| Schuyler T. VanValkenburg | — | Yea |
| Thomas C. Wright, Jr. | — | Yea |
| Wampler, William C., III | — | Yea |
| Wendell S. Walker | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 8 | 0 | 0 | 1 |
| Total | 8 | 0 | 0 | 1 |
| % of votes cast | 89% | 0% | 0% | 11% |
How each member voted (9)
| Member | Party | Vote |
|---|---|---|
| Adams, Dawn M. | — | Yea |
| Betsy B. Carr | — | Yea |
| Chris S. Runion | — | Yea |
| Fowler, Hyland F."Buddy," Jr. | — | Yea |
| James A. "Jay" Leftwich | — | Not Voting |
| James W. Morefield | — | Yea |
| Jenkins, Clinton L. | — | Yea |
| Thomas C. Wright, Jr. | — | Yea |
| Wendell S. Walker | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 37 | 0 | 0 | 3 |
| Total | 37 | 0 | 0 | 3 |
| % of votes cast | 93% | 0% | 0% | 8% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 15 | 0 | 0 | 0 |
| Total | 15 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Barker, George L. | — | Yea |
| Bell, John J. | — | Yea |
| Bryce E. Reeves | — | Yea |
| Dunnavant, Siobhan S. | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Hashmi, Ghazala F. | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| Kiggans, Jennifer A. | — | Yea |
| Mamie E. Locke | — | Yea |
| Mason, T. Montgomery "Monty" | — | Yea |
| Richard H. Stuart | — | Yea |
| Ruff, Frank M., Jr. | — | Yea |
| Todd E. Pillion | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
Subjects
Frequently asked questions
- What does SB 533 do?
- Department of Professional and Occupational Regulation; real estate brokers; protection of real estate escrow funds. Clarifies that, upon the ratification of a contract, an earnest money deposit received by the principal broker or supervising broker, or an agent of such principal broker or supervising broker, that will be held in the firm's escrow account shall be placed in such account by the end of the fifth business banking day following ratification, unless otherwise agreed to in writing by the principals to the transaction. The bill provides that if an earnest money deposit received by the principal broker or supervising broker, or an agent of such principal broker or supervising broker, will not be held in the firm's escrow account, the principal broker or supervising broker shall ensure that the earnest money deposit is delivered to the escrow agent named in the contract by the end of the fifth business banking day following receipt of the deposit, unless otherwise agreed to in writing by the principals to the transaction.
- Who sponsors SB 533?
- SB 533 is sponsored by Lewis, Lynwood W., Jr..
- What is the current status of SB 533?
- This bill has been enacted into law. Introduced January 12, 2022. Enacted.
- Where can I track SB 533?
- Track SB 533 free on One Click Politics — get push/email alerts when it moves.
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