SB546
Mortgages; annual notice of potential assumption required, delayed effective date.
Status:
In House
Latest Action:
Feb. 17, 2026
House: Assigned HCL sub: Subcommittee #1
Chief Patron:
Glen Sturtevant (R)
Session:
2026 Regular Session
Summary
As Passed House of Origin. Mortgages; annual notice of potential assumption required.
Requires a mortgage lender to send an annual notice to the owner of residential real estate that is encumbered by a mortgage that such mortgage may be assumable in connection with certain federally backed loans or conventional loans. The bill has a delayed effective date of January 1, 2027. As ... (More) introduced, this bill was a recommendation of the Virginia Housing Commission.(Less)
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Bill History
- 01/14/2026 - Senate: Prefiled and ordered printed; Offered 01-14-2026 26101250D
- 01/14/2026 - Senate: Referred to Committee on Commerce and Labor
- 01/25/2026 - Senate: Fiscal Impact Statement from State Corporation Commission (SB546)
- 01/26/2026 - Senate: Senate committee offered
- 01/26/2026 - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N)
- 01/28/2026 - Senate: Rules suspended
- 01/28/2026 - Senate: Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
- 01/28/2026 - Senate: Passed by for the day Block Vote (Voice Vote)
- 01/28/2026 - Senate: Passed by for the day
- 01/29/2026 - Senate: Read second time
- 01/29/2026 - Senate: Commerce and Labor Amendments agreed to
- 01/29/2026 - Senate: Engrossed by Senate (Voice Vote)
- 01/29/2026 - Senate: Engrossed by Senate as amended
- 01/30/2026 - Senate: Read third time and passed Senate (38-Y 0-N 0-A)
- 02/04/2026 - House: Placed on Calendar
- 02/04/2026 - House: Read first time
- 02/04/2026 - House: Referred to Committee on Labor and Commerce
- 02/17/2026 - House: Assigned HCL sub: Subcommittee #1
