July 1st welcomed a bevy of new laws on the books in Virginia, several of which impacted real estate. Hopefully you have had a chance to learn and implement those necessary into your practice. The Virginia REALTORS® legal team created a New Laws 2022 resource page to help you along the way.
However, we wanted to take this opportunity to highlight some of the new laws that will benefit you, your business, and your clients.
The highlight of this year’s legislative efforts was the passage of a REALTOR® health insurance bill that allows the association to pursue affordable, quality health insurance coverage for our members. Virginia REALTORS® pushed for three-plus years to pass this legislation, which was signed into law this spring by Governor Glenn Youngkin. While there is still more work on this front, passing this bill was a critical first obstacle to overcome. Check our REALTOR® Health Insurance resource page for continued updates.
House Bill 309 authorizes the State Corporation Commission to establish a process for online prepayment of annual registration fees for limited liability companies that can be paid for two or three years. This may seem minor but could be helpful for those who establish LLCs.
Protecting Your Sellers
After the sudden advisory opinion announcement back in February from the State Corporation Commission’s Bureau of Insurance regarding the settlement process, Virginia REALTORS® took swift action to introduce special legislation to clarify that sellers can have legal representation in a real estate transaction.
Ensuring Business Continuity
The COVID-19 pandemic highlighted the necessity for real estate brokers, particularly those in small or single-person firms, to prepare a business continuity plan. To that end, the Virginia REALTORS® worked with Senator David Suetterlein, a REALTOR® from the Roanoke Valley, to pass legislation addressing what happens in the event of the death or disability of a broker.
Whether major victories or small wins, Virginia REALTORS® is fighting every day to maintain a policy, regulatory, and economic environment that allows you and your business to thrive.
As always, if you have questions or thoughts about our advocacy efforts, please contact our team at email@example.com.