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Financial Services Law Insights and Observations

Virginia enacts HB 880, provides protections from lien enforcement against primary residences

State Issues Virginia State Legislation

State Issues

On March 8, the Governor of Virginia signed HB 880 (the “Act”), which will prohibit enforcement of a lien against real estate if the real estate is the judgment debtor’s primary residence and the amount of the lien does not exceed $25,000. Additionally, if the lien will arise from fees charged by a common interest community association (under certain chapters of Virginia law), the Act will prohibit court action to enforce the lien, given the sum of all judgments, (excluding interest and costs), is $5,000 or less. The Act will also impose recordkeeping requirements for such common interest community associations, specifically, (i) to maintain individual assessment account records; and (ii) to maintain records of any recorded lien during its effective duration. The Act will go into effect on July 1.