Virginia House Bill 648
Session 2024
Contracts assigning rights to inheritance funds; legal rate of interest.
Became Law
Signed by Governor on Apr 8, 2024
Origin Chamber
House
Type
Bill
Bill Number
648
State
Virginia
Session
2024
Carrie E. Coyner
grade
Primary
Cosponsor
Motion Text
VOTE: Adoption (96-Y 0-N)
House Roll Call Votes
Yes
Yes
Yes
Didn't Vote
Yes
Yes
Didn't Vote
Didn't Vote
Didn't Vote
Yes
Yes
Reaser, Atoosa R.
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Summary
Contracts assigning rights to inheritance funds;legal rate of interest. Provides that any contract pursuant towhich a person receives a cash advance for assigning to a companyor other entity a portion of such person's rights to receive inheritancefunds from a will in a pending probate matter shall be considereda loan and any additional funds such person is obligated to pay underthe terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate ofinterest.
Contracts assigning rights to inheritance funds; legal rate of interest. Provides that any contract entered into on or after July 1, 2024, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive inheritance funds from a will in a pending probate matter shall be considered a loan and any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.
Contracts assigning rights to inheritance funds;legal rate of interest. Provides that any contract pursuant towhich a person receives a cash advance for assigning to a companyor other entity a portion of such person's rights to receive inheritancefunds from a will in a pending probate matter shall be considereda loan and any additional funds such person is obligated to pay underthe terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate ofinterest.
Prefiled and ordered printed; offered 01/10/24 24104601D
January 9, 2024
Printed as engrossed 24104601D-E
January 30, 2024
HB648ER
February 28, 2024
Amendment: HB648AH
Amendment: HB648AS
Amendment: HB648ASE
Fiscal Impact Statement: HB648F171.PDF
Fiscal Impact Statement: HB648FE171.PDF
Fiscal Impact Statement: HB648FER171.PDF
Sort by most recent
04/08/2024
Office of the Governor
Acts of Assembly Chapter text (CHAP0728)
04/08/2024
Office of the Governor
Approved by Governor-Chapter 728 (effective 7/1/24)
03/11/2024
Office of the Governor
Governor's Action Deadline 11:59 p.m., April 8, 2024
03/11/2024
House
Enrolled Bill communicated to Governor on March 11, 2024
03/05/2024
House
Impact statement from SCC (HB648ER)
03/02/2024
Senate
Signed by President
02/28/2024
House
Signed by Speaker
02/28/2024
House
Bill text as passed House and Senate (HB648ER)
02/28/2024
House
Enrolled
02/23/2024
House
VOTE: Adoption (96-Y 0-N)
02/23/2024
House
Senate amendment agreed to by House (96-Y 0-N)
02/21/2024
Senate
Passed Senate with amendment (30-Y 10-N)
02/21/2024
Senate
Engrossed by Senate as amended
02/21/2024
Senate
Amendment by Senator Surovell agreed to
02/21/2024
Senate
Reading of amendment waived
02/21/2024
Senate
Read third time
02/20/2024
Senate
Constitutional reading dispensed (39-Y 0-N)
02/19/2024
Senate
Reported from Courts of Justice (12-Y 0-N 2-A)
02/16/2024
House
Impact statement from SCC (HB648E)
02/01/2024
Senate
Referred to Committee for Courts of Justice
02/01/2024
Senate
Constitutional reading dispensed
01/31/2024
House
VOTE: Block Vote Passage (100-Y 0-N)
01/31/2024
House
Read third time and passed House BLOCK VOTE (100-Y 0-N)
01/30/2024
House
Printed as engrossed 24104601D-E
01/30/2024
House
Engrossed by House as amended HB648E
01/30/2024
House
Committee amendment agreed to
01/30/2024
House
Read second time
01/29/2024
House
Read first time
01/25/2024
House
Reported from Labor and Commerce with amendment(s) (21-Y 0-N)
01/23/2024
House
Subcommittee recommends reporting with amendments (7-Y 0-N)
01/20/2024
House
Impact statement from SCC (HB648)
01/16/2024
House
Assigned L & C sub: Subcommittee #1
01/09/2024
House
Referred to Committee on Labor and Commerce
01/09/2024
House
Prefiled and ordered printed; offered 01/10/24 24104601D
Sources
Open States
Record Created
Jan 10, 2024 12:06:36 AM
Record Updated
May 1, 2024 12:13:41 AM