HB304Introduced in the House of Delegates
Conventional home mortgage loans; assumption provisions.
Introduced by Richard Sullivan, District 6
What does this bill do?
Plain-English breakdown
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Official description
Conventional home mortgage loans; assumption provisions. Requires any lender for any conventional home mortgage loan secured on or after July 1, 2026, by a mortgage or deed of trust on owner-occupied residential real estate located in the Commonwealth to include provisions in such loan to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage in connection with a decree of annulment or divorce if the assuming borrower qualifies for the underlying loan, as determined by the lender.
Where it stands
Acts of Assembly Chapter text (CHAP0962)
April 13, 2026
How did lawmakers vote?
House of Delegates votes
4 recorded votes · each counted separately
Senate votes
3 recorded votes · each counted separately
SenateStage: Passed Senate (40-Y 0-N 0-A) · February 26, 2026
40
Yes
0
No
0
Absent or Not Voting
40 senators recorded in this Senate vote. Colors show vote categories only, not whether a vote was good or bad.
See how each senator voted
| Senator | District | Vote |
|---|---|---|
| Elizabeth Bennett-Parker | 5 | Yes |
| Michael Jones | 77 | Yes |
| Timmy French | 1 | Yes |
| Mark Obenshain | 2 | Yes |
| Chris Head | 3 | Yes |
| David Suetterlein | 4 | Yes |
| Travis Hackworth | 5 | Yes |
| Todd Pillion | 6 | Yes |
| William Stanley | 7 | Yes |
| Mark Peake | 8 | Yes |
Bill history
Prefiled and ordered printed; Offered 01-14-2026 26101895D
Referred to Committee on Labor and Commerce
Assigned HCL sub: Subcommittee #1
Fiscal Impact Statement from State Corporation Commission (HB304)
House subcommittee offered
Subcommittee recommends reporting with amendment(s) (9-Y 0-N)
Reported from Labor and Commerce with amendment(s) (22-Y 0-N)
Read first time
Read second time
committee amendments agreed to
Engrossed by House as amended
Read third time and passed House (97-Y 1-N 0-A)
Reconsideration of passage agreed to by House
Passed House (98-Y 0-N 0-A)
Constitutional reading dispensed (on 1st reading)
Referred to Committee on Commerce and Labor
Fiscal Impact Statement from State Corporation Commission (HB304)
Reported from Commerce and Labor (15-Y 0-N)
Rules suspended
Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
Passed by for the day Block Vote (Voice Vote)
Read third time
Passed Senate (40-Y 0-N 0-A)
Enrolled
Bill text as passed House and Senate (HB304ER)
Signed by Speaker
Signed by President
Fiscal Impact Statement from State Corporation Commission (HB304)
Enrolled Bill communicated to Governor on March 10, 2026
Governor's Action Deadline 11:59 p.m., April 13, 2026
Approved by Governor-Chapter 962 (effective 7/1/2026)
Acts of Assembly Chapter text (CHAP0962)
Verify the information
- Official page on the Virginia Legislature website
- Labor and Commerce Amendment (amendment)
- Subcommittee #1 Subcommittee Amendment (amendment)
- Labor and Commerce Amendment (amendment)
- Fiscal Note/Analysis (supplement)
- Fiscal Note/Analysis (supplement)
- Fiscal Note/Analysis (supplement)
- Introduced (text)
- Engrossed (text)
- Enrolled (text)
- Chaptered (text)
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