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VA SB565
VA SB565Virginia Contractor Transaction Recovery Fund; claim limits, license threshold amounts.
summary
Introduced
01/14/2026
01/14/2026
In Committee
03/03/2026
03/03/2026
Crossed Over
03/06/2026
03/06/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
Virginia Contractor Transaction Recovery Fund; claim limits; license threshold amounts. Expands the scope of Chapters 127 and 133 of the Acts of Assembly of 2025, which increased certain claim limits and license threshold amounts, to apply to any claimant who filed a verified claim with the Director of the Department of Professional and Occupational Regulation on or after June 6, 2024, for recovery from the Virginia Contractor Transaction Recovery Fund and whose claim was thereafter approved by the Board for Contractors.
AI Summary
This bill expands the application of recent legislative changes to the Virginia Contractor Transaction Recovery Fund, which is a fund designed to compensate individuals who have suffered financial losses due to the actions of licensed contractors. Specifically, it ensures that any claimant who filed a verified claim with the Director of the Department of Professional and Occupational Regulation (DPOR) on or after June 6, 2024, and whose claim was subsequently approved by the Board for Contractors, will benefit from the increased claim limits and license threshold amounts established in Chapters 127 and 133 of the Acts of Assembly of 2025. This means that individuals who experienced contractor-related financial harm and followed the proper claim procedures after the specified date will have access to the enhanced protections provided by these earlier acts.
Committee Categories
Justice, Labor and Employment
Sponsors (1)
Last Action
Passed House with amendment (97-Y 0-N 0-A) (on 03/06/2026)
Official Document
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB565 |
| House Amendment | https://lis.virginia.gov/bill-details/20261/SB565/text/SB565EDOC |
| General Laws Amendment | https://lis.virginia.gov/bill-details/20261/SB565/text/SB565AH1 |
| Professions/Occupations and Administrative Process Subcommittee Amendment | https://lis.virginia.gov/bill-details/20261/SB565/text/SB565AHC2 |
| General Laws Amendment | https://lis.virginia.gov/bill-details/20261/SB565/text/SB565AHC1 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (SB565) | https://lis.blob.core.windows.net/files/1115061.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB565/text/SB565 |
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