ARDA Supports Bill That Modifies Public Advertising Requirements For Deed Of Trust Foreclosure Sales

2015-04-01

Issue Brief

 The bill HB 1794 / SB 1015, put forth by the Virginia Resort Development Association (VRDA), allows for the optional streamlined advertisement of a timeshare property being foreclosed upon. A foreclosing entity will only be required to include the basic information in a publication, such as the time, place, and date of sale; identification of the time-share being sold; contact information for obtaining further information about the sale; and a website address where more complete information and documentation can be obtained.  

  

Impact

 This legislation will greatly reduce the expenses associated with complying with the notice provisions in a foreclosure preceding.

 

Position/Call to Action

 ARDA supports HB 1794 / SB 1015. 

Issue Updates

 HB 1794 / SB 1015 was passed by the House and Senate and signed into law by the Governor on 2/26/15. The bill takes effect on 7/1/15.

 

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