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VA SB546
VA SB546Mortgages; annual notice of potential assumption required, delayed effective date.
summary
Introduced
01/14/2026
01/14/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
01/29/2026
01/29/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
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 introduced, this bill was a recommendation of the Virginia Housing Commission.
AI Summary
This bill requires mortgage lenders to send an annual notice to homeowners, along with their regular escrow account statement, informing them that their mortgage might be assumable. This applies to certain federally backed loans, such as those insured by the Federal Housing Administration (FHA), the U.S. Department of Agriculture, or the U.S. Department of Veterans Affairs, as well as conventional loans that fall under a specific federal law, the Garn-St. Germain Depository Institutions Act of 1982. The bill clarifies that this new notice does not replace or limit existing rights for homeowners to inquire about or for lenders to disclose assumption terms under another section of Virginia law. This measure is a recommendation from the Virginia Housing Commission and is set to take effect on January 1, 2027.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Assigned HCL sub: Subcommittee #1 (on 02/17/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB546 |
| BillText | https://lis.virginia.gov/bill-details/20261/SB546/text/SB546E |
| Commerce and Labor Amendment | https://lis.virginia.gov/bill-details/20261/SB546/text/SB546AS1 |
| Commerce and Labor Amendment | https://lis.virginia.gov/bill-details/20261/SB546/text/SB546ASC1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from State Corporation Commission (SB546) | https://lis.blob.core.windows.net/files/1096325.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB546/text/SB546 |
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