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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.
Introduced
Jan 14, 2026
Last Action
Feb 24, 2026
Session
VA 2026
Sponsors
1 primary · 0 co
Subcommittee recommends laying on the table (6-Y 2-N)
Fiscal Impact Statement from State Corporation Commission (SB546)
Assigned HCL sub: Subcommittee #1
Referred to Committee on Labor and Commerce
Read first time
Placed on Calendar
Read third time and passed Senate (38-Y 0-N 0-A)
Commerce and Labor Amendments agreed to
Read second time
Engrossed by Senate (Voice Vote)
Engrossed by Senate as amended
Passed by for the day
Passed by for the day Block Vote (Voice Vote)
Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)
Rules suspended
Senate committee offered
Reported from Commerce and Labor with amendments (15-Y 0-N)
Fiscal Impact Statement from State Corporation Commission (SB546)
Referred to Committee on Commerce and Labor
Prefiled and ordered printed; Offered 01-14-2026 26101250D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Subcommittee recommends laying on the table (6-Y 2-N)