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Legislative Insider News

July 2010 Legislative Insider

7/7/2010

Breakfast with Your Elected Officials

FAAR and FABA have teamed up to bring you a FREE Legislative Breakfast on Monday, July 19th at 8:30am in the FAAR Classroom.  Confirmed elected officials include Rep. Rob Wittman, VA General Assembly Speaker Bill Howell, and officials from Stafford, Spotsylvania, King George, Caroline, and Fredericksburg.  We will discuss challenges and bright spots in today's housing market and ways that we can work together to strengthen our economy and our communities.

 

This event is FREE to FAAR members and $10 for guests.  Breakfast will provided by our sponsor, Dominion Virginia Power.  Space is limited so register online today!  Download the event flier here to post up in your office. 

 

Legislative Highlight:  Financial Reform Bill

H. R. 4173, Wall Street Reform and Consumer Protection Act

 

The House and Senate have been hammering out a compromise on sweeping financial reform legislation that could impact the way REALTORS do business.  Here are some highlights from the bill's home mortgage provisions: 

  • Establishes a Bureau of Consumer Protection housed at the Federal Reserve Bank
    • The Bureau will issue rules laying out minimum national standards for mortgage brokers and institutions and would include requirements that a lender would have to ensure that a buyer has a reasonable ability to repay the loan that must be based on verified income and credit statements
  • Prohibits pre-payment penalties on mortgages that do not meet certain "qualified" mortgage standards
    • For mortgages that meet these standards, the bill requires that lenders offer a loan version without pre-payment penalties and limits the amount lenders can charge for pre-payment fees
  • Bars any financial incentives that lenders pay to mortgage brokers for selling loans with higher interest rates
  • Allows for liability action against mortgage originators that violate their obligations under the bill
  • Creates an Office of Housing Counseling at HUD that would focus on homeownership and rental housing counseling programs
  • Prohibits any high-cost loans without first getting a written appraisal which all parties to the transaction are prohibited from influencing
  • Provides $1 billion in housing assistance for homeowners who have lost their jobs and another $1 billion for the Neighborhood Stabilization Program

CONGRESS PASSES  EXTENSION OF NATIONAL FLOOD INSURANCE PROGRAM AND EXTENDS CLOSING DEADLINE FOR HOME BUYER TAX CREDIT

 

NFIP will be extended through September 30, 2010, allowing new and renewal policies to be issued.

 

The home buyer tax credit closing deadline has been extended from June 30 until September 30, 2010.  Contracts must have been in place by April 30th.  For moreinformation on both of these issues, visit www.faarforum.com

 

Focus on Virginia: Gov. McDonnell Seeking Your Input

The Housing Policy Advisory Committee is seeking your input on the direction the state's housing strategy should take.  A multi-issue survey has been developed as a steering tool for the group to use.  To access the survey, click here.  All responses are due by Friday, July 9th. 

 

Next Government Affairs Working Group Meeting

The group will meet on Tuesday, July 20th at 10:00am in the FAAR Board Room.  We will be discussing our final push for RPAC investments and outreach with government officials.   

June 2010 Legislative Insider

6/4/2010

National Flood Insurance Program Lapses Again

On May 31, 2010, the National Flood Insurance Program (NFIP) once again expired without congressional action on a long-term reauthorization.  NFIP provides vital flood insurance policies to millions of individuals across the nation.  The lapse will not impact current policyholders or those within the 30-day expiration grace period, but it will mean that no new policies can be issued and no renewals can take place until the U.S. Congress passes a bill reauthorizing the program. 

 

A long-term reauthorization bill has been approved by the U.S. House Financial Services Committee, but it has not yet made it to the House floor.  The bill, H.R. 5114, would reauthorize the program for five years.    

 

Legislative Highlight:  "Cash for Caulkers"

 H.R. 5019, the Home Star Energy Retrofit Act

  • Bill will incentivize home energy retrofits by providing rebates to homeowners who install Home Star approved-products like insulation, windows, doors, and heating/cooling systems that will reduce energy consumption
  • H.R. 5019 is intended to help homeowners and the slumping construction industry by pumping new federal assistance into the market
  • The nickname "Cash for Caulkers" is a spinoff of the Cash for Clunkers measure enacted last year that provided federal funds for the purchase of new, fuel efficient vehicles to replace gas guzzlers
  • The bill has passed the U.S. House and is currently awaiting action in the U.S. Senate

Focus on Virginia: Gov. McDonnell Announces Creation of Housing Policy Advisory Committee

Gov. Bob McDonnell recently signed an executive order creating a Housing Policy Advisory Committee for the Commonwealth, the first in the state's history.  The Committee will be tasked with developing a housing strategy covering homelessness, workforce housing, economic development, healthy neighborhoods, effective coordination of transportation, and environmental issues.  The Committee will consist of representatives from local government, state government, the housing industry, non-profits, and consumer advocates. 

Speaker Spotlight featuring Stafford Supervisor Paul Milde

Paul Milde

Stafford Supervisor Paul Milde addressed the Government Affairs Working Group and discussed what's new in the County.  The Board will be working to update the Comprehensive Land Use Plan and include higher density housing developments.  The developments may include mixed-use housing, commercial and residential space, and access to a mass transit hub. 

 

Supervisor Milde reiterated the importance of ensuring Stafford is a business-friendly county and highlighted the Board's repeal of the BPOL tax.  Supervisor Milde has been a strong advocate for REALTORS and he is committed to continuing that relationship. 

 

Next Government Affairs Working Group Meeting Agenda 

The group will meet on Tuesday, June 15th at 10:00am in the FAAR Board Room.  We will be discussing the FAAR Legislative Agenda for the next year.  Come see what it's all about! 

General Assembly Update

2/23/2010

We had a very successful week at the VAR Legislative Conference. FAAR had over 40 members attend Day on the Hill. We split into two teams and had meetings with 5 of our 6 Legislators (Delegate Pollard was sick). Please see below for an update from VAR on how our Bills are faring as they move from one House to the other. 

HB 553 passed the House 94-4 and SB 64 passed the Senate 40 – 0.

Though the real estate sign bills have changed somewhat, we believe the problem Realtors® may be experiencing with local governments has been addressed.  If your local government has signed an agreement with VDOT to enforce signage provisions, then government volunteers will be held accountable if they take your signs….but only if the signs have been placed legally.  In addition, the sign bills clear up a misinterpretation concerning signs Realtors® put in the ground without the use of tools, digging, etc.  Under these two bills, if you do NOT use tools, and if you do NOT dig, you will not be required to call "Miss Utility."

Interpleader Bill – House Bill 231

HB 231 passed the House unanimously and has passed the Senate Courts of Justice Civil Subcommittee unanimously.

HB 231 changes the process that allows brokers to file an interpleader in General District Court.  The effect of HB 231 is that it will take less time and money for brokers to have a judge to determine the appropriate party in a deposit dispute.

Appraisal Management Companies Bill – HB 408

HB 408 passed the House unanimously and now awaits action in the Senate.

HB 408 reforms the way appraisers work with Appraisal Management Companies (AMCs).  This bill contains 13 specific prohibitions that will ensure better compliance with the law and will allow for more consumer protections.

1031 Exchange Agents – HB 417

HB 417 passed the House unanimously and now awaits action in the Senate.

HB 417 creates protections for consumers who participate in 1031 real estate exchanges by clarifying requirements and prohibitions for 1031 exchange facilitators.

VRLTA reform - HB 407

HB 407 passed the House unanimously and now awaits action in the Senate.

HB 407 makes numerous changes to the VRLTA, including:

1.        Provides that courts will allow electronic uploads of unlawful detainers;

2.       Clarifies that Rational Utility Billing is covered under the VRLTA as rent;

3.       Specifies when property managers can go to court without a lawyer;

4.       Clarifies that landlords can charge administrative fees to cover damage and renters insurance programs;

5.       Authorizes landlords to withhold security deposits until water and sewer bills have been paid to the locality.

Amnesty for Honesty / Out-of-State Licensees -- House Bill 963 / Senate Bill 457

HB 963 passed the House 99-0 and Senate Bill 457 passed the Senate 40-0. 

These bills specify that brokers who self-report violations of VREB regulations, or who report their agents' violations of the regulations, will be protected from sanctions, as long as the broker was not willfully or grossly negligent.

In addition, these bills require out-of-state licensees to take the state portion of the licensing exam before they are granted a license through reciprocity.


2010 Virginia REALTORS Legislative Agenda

1/25/2010

Welcome to the 2010 General Assembly Legislative Update Corner. We will try to keep you abreast of activity on all things Real Estate, REALTOR, and Land Use related throughout the session.

We started the process at VAR on friday of evaluating hundreds of Bills that could potentially have an impact on our profession. We decide whether to support, oppose or monitor them. Our State Lobbyists and local Government Affairs Directors (GADS) spend many hours talking with legislators, amending legislation, and relating our positions.

As part of our Legislative Agenda, we have gotten sponsors for 10 different Bills.

Click Here to download the 2010 Legislative Agenda.

Stay up-to-date on the bills VAR is actively tracking: 

Click here for the list of bills along with the positions that were recommended by the Bill Review Committee.

Our positions on legislation are as follows:

VAR Bill (Part of VAR's 2010 Legislative Agenda)

Support (VAR will aggressively support)

Oppose (VAR will aggressively oppose)

Support with Amendment (VAR Will be able to support if the bill is amended satisfactorily)

Support No Action (VAR will track but only offer support if needed or requested)

Oppose No Action (VAR will track but only offer opposition if needed or requested)

Monitor (VAR will monitor and take appropriate action as necessary)

Would you like to see the text of a particular bill?

Go to the General Assembly Web site. There is a box in the bottom left-hand corner in which you can enter the bill number (e.g., hb40 [House Bill 40], sj121 [Senate Joint Resolution 121]). Once the page loads, click on the "full text" hyperlink to read the bill. Additionally, from there, you may click on the "pdf" in the upper right-hand corner for a numbered version of that bill.

As we move through the session, I will monitor and give updates on our progress.

  

 


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