All Roll Calls
Yes: 14 • No: 0
VirginiaSB14522025 Regular SessionSenate
Conveyance or assumption; certain restrictions prohibited.
Sponsored By: Glen H. Sturtevant, Jr. (Republican)
Failed
Summary
Certain restrictions on conveyance or assumption; prohibited. Prohibits the holder of the obligation secured by a mortgage or deed of trust on certain residential real estate from imposing, agreeing to, or enforcing a legal restriction on conveyance or restriction on the assumption of a residential mortgage or deed of trust. The bill requires a holder, if a mortgage or deed of trust requires approval of the holder for a conveyance or assumption, to approve the sale or transfer of all or part of the encumbered property, or the sale or transfer of a beneficial interest in a trust all or part of the property, if (i) at least one of the people acquiring ownership is determined to be creditworthy under generally accepted mortgage underwriting standards; (ii) the seller retains an ownership interest in the property; or (iii) the transfer is by devise or descent. The bill provides that legal restrictions on conveyance are acceptable if the restriction is part of an eligible governmental or nonprofit program if the program is designed to assist the purchase of low-income or moderate-income housing.
General Laws and Technology
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Glen H. Sturtevant, Jr.
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 1/29/2025
Passed by indefinitely in General Laws and Technology
Yes: 14 • No: 0
Actions Timeline
Passed by indefinitely in General Laws and Technology (14-Y 0-N)
1/29/2025SenateReferred to Committee on General Laws and Technology
1/17/2025SenatePresented and ordered printed 25104304D
1/17/2025Senate
Bill Text
Introduced
1/17/2025
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