Virginia 2018 Regular Session Status: In Committee

SB 706 — Common interest communities; reserves for capital components, budget.

Last action — Referred to Committee on General Laws and Technology

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House of Delegates
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Requires the budget for a common interest community to include a statement detailing the amount of any shortage or excess of total cash reserves, as indicated by the five-year cash reserves study, and the amount of such shortage or excess per capita for each member of the association. The bill also provides that the failure of any member of the governing body or officer of the association to comply with provisions relating to reserves for capital components shall constitute prima facie evidence of a breach of fiduciary duty on the part of the board member or officer.

Bill Text

Action History

  1. Referred to Committee on General Laws and Technology

  2. Prefiled and ordered printed; offered 01/10/18 18104654D

Sponsors

Sponsorship breakdown

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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.

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"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.

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Subjects

housing
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Frequently asked questions

What does SB 706 do?
Requires the budget for a common interest community to include a statement detailing the amount of any shortage or excess of total cash reserves, as indicated by the five-year cash reserves study, and the amount of such shortage or excess per capita for each member of the association. The bill also provides that the failure of any member of the governing body or officer of the association to comply with provisions relating to reserves for capital components shall constitute prima facie evidence of a breach of fiduciary duty on the part of the board member or officer.
Who sponsors SB 706?
SB 706 is sponsored by Scott A. Surovell.
What is the current status of SB 706?
This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 706?
Track SB 706 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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