SB 546 Virginia Senate · 2026 Regular Session

Mortgages; annual notice of potential assumption required, delayed effective date.

Summary

Mortgages; annual notice of potential assumption required. Requires a mortgage lender to send an annual notice to the owner of residential real estate that is encumbered by a mortgage that such mortgage may be assumable in connection with certain federally backed loans or conventional loans. The bill has a delayed effective date of January 1, 2027. As introduced, this bill was a recommendation of the Virginia Housing Commission.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2026

Committee Review

Feb 2026

Senate Passage

Jan 2026

House of Delegates Passage

Governor

Introduced Jan 14, 2026 Last action Mar 10, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Engrossed · 3 edits · Jan 30, 2026

MINOR

The bill was amended from its original introduced version to an engrossed version with minor formatting adjustments and one substantive change. The main policy change removes the effective date provision that would have made the law take effect on January 1, 2027. The bill itself remains unchanged in its core requirement for mortgage lenders to provide annual notices about potential mortgage assumptions.

Scope change

The bill's scope and applicability remain unchanged. It still requires mortgage lenders to send annual notices to homeowners about whether their mortgages can be assumed by others, specifically for FHA, USDA, VA, or conventional loans under the Garn-St. Germain Act.

TIMELINE

Removed Section 2 which would have established January 1, 2027 as the effective date for the new mortgage notice requirement. This deletion means the effective date is not specified in this version of the bill.

TECHNICAL

Added formatting changes including spacing adjustments, page headers, and line numbers typical of engrossed legislative documents. These are standard procedural formatting changes that do not affect the bill's substance.

Minor text formatting change in paragraph 14 where brackets were added around 'by in connection with' - this appears to be a formatting adjustment rather than a substantive policy change.

Floor votes · Senate Jan 28, 2026

How they voted

39–0

Passed

Total votes 39

Jan 28, 2026

D Democratic20

20 Yea

100% Yea

R Republican19

19 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Feb 24, 2026

Lower · Passed

Subcommittee recommends laying on the table (6-Y 2-N)

lower

Feb 17, 2026

Committee

Assigned HCL sub: Subcommittee #1

lower

Feb 4, 2026

Committee

Referred to Committee on Labor and Commerce

lower

Jan 30, 2026

Upper · Passed

Read third time and passed Senate (38-Y 0-N 0-A)

upper

Jan 29, 2026

Introduced

Engrossed by Senate as amended

upper

Jan 29, 2026

Upper · Passed

Commerce and Labor Amendments agreed to

upper

Jan 28, 2026

Upper · Passed

Passed by for the day

upper

Jan 28, 2026

Upper · Passed

Passed by for the day Block Vote (Voice Vote)

upper

Jan 26, 2026

Upper · Passed

Reported from Commerce and Labor with amendments (15-Y 0-N)

upper

Jan 26, 2026

Upper · Passed

Senate committee offered

upper

Jan 14, 2026

Committee

Referred to Committee on Commerce and Labor

upper

1 primary · 0 co-sponsors