1997 Regular Session

HOUSE BILL 162

CHAPTER NUMBER: 408 File Code: Procurement
Sponsored By:
Chairman, Commerce and Government Matters Committee (Departmental - General Services)
Entitled:
Procurement - Security on Construction Contracts

Synopsis:

Permitting a mortgage or deed of trust on real property located in the State to be accepted as performance security on construction contracts under specified circumstances; providing that the amount of a mortgage or deed of trust on real property granted as security may not exceed 75% of the contractor's equity interest in the property; and requiring that a mortgage or deed of trust be recorded in the appropriate county land records.

Legislative History

House Action
1/15
First Reading Commerce and Government Matters
Hearing 1/29 at 2:30 p.m.
2/24
Favorable with Amendments Report by Commerce and Government Matters
2/25
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
2/27
Third Reading Passed (131-1)
3/30
House Refuses to Concur - Senate Amendments
House Requests Senate Recede
Conference Committee Appointed ...
Delegates Poole, Snodgrass, Benson
4/3
Conference Committee Report Adopted
Third Reading Passed (133-1)
4/6
Passed Enrolled
5/8
Signed by the Governor Chapter 408
Senate Action
2/28
First Reading Economic and Environmental Affairs
3/6
Hearing 3/21 at 1:00 p.m.
3/26
Favorable Report by Economic and Environmental Affairs
3/28
Favorable Report Adopted
Floor Amendment (Senator Boozer) Adopted
Second Reading Passed with Amendments
4/1
Third Reading Passed with Amendments (46-0)
4/4
Senate Refuses to Recede
Conference Committee Appointed ...
Senators McCabe, Frosh, Sfikas
4/6
Conference Committee Report Adopted
Third Reading Passed (46-0)
Sponsored by:
Chairman, Commerce & Government Matters Comm itte
Departmental
Bill indexed under the following Subjects:
CONSTRUCTION
MORTGAGES
PROCUREMENT
REAL PROPERTY
RECORDATION -see also- TRANSFER TAX
SECURITY INTERESTS -see also- LIENS
Bill affects the following Statute:
State Finance and Procurement
( 17-104 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled (PDF)
Fiscal Note: Available (PDF)

Amendments:
House
Number: 606353/1 (PDF) Offered on: FEBRUARY 25, 1997 at: 10:08 Status: Adopted
Senate
Number: 762992/1 (PDF) Offered on: MARCH 28, 1997 at: 13:01 Status: Adopted
Conference Committee Documents:
Report Number: 882197/1 (PDF) Offered on: APRIL 7, 1997 at: 15:24 Status: Adopted