VA LEG Community Land Trust Defined

Published on: Apr 9, 2025

On Mar. 18, VA LEG passed bill on landlord and tenant requirements.

  • VA LEG passed HB 2151, enacting the Virginia residential landlord and tenant act.
  • Amends VA LEG 55.1-1200 (definitions), revises definition of community land trust.
  • Document dated Mar. 18, 2025, was received on Apr. 7 due to a fixed feed.
  • Bill Provisions
  • Removes requirement that corporate membership be open to any adult resident or organization of a particular geographic area specified in the bylaws of the organization.
  • Requirement that board include majority elected by corporate membership deleted.
  • Legislative History
  • On Jan. 30, 2025, bill introduced in House; on Feb. 3, 2025, bill passed in House.
  • On Feb. 4, 2025, bill introduced in Senate; on Feb. 17, 2025, bill passed in Senate.
  • On Mar. 18, 2025, bill was approved by the governor, was assigned Chapter 28.
  • Effectiveness
  • Enrolled bill HB 2151, Chapter 28, becomes effective on Jul. 1, 2025.
Regulators
VA LEG
Entity Types
CNSM; Corp; MG Orig
Reference
Bill HB2151, 3/18/2025; Citation: VA LEG 55.1-1200;
Functions
Compliance; Legal; Operations; Suitability
Countries
United States of America
Category
State
N/A
Products
Corporate
Rule Type
Final
Regions
Am
Rule Date
Mar 18, 2025
Effective Date
Jul 1, 2025
Rule ID
249917
Linked to
N/A
Reg. Last Update
Mar 18, 2025
Report Section
US Consumer