Virginia Resources
Summary
HB 1542 was passed and signed by the Governor March 24, 2017, effective January 1, 2018. For current law at CH 33.1 §59.1-434 Home Service Contract Providers click here
Bill Highlights:
- Effective January 1, 2018
- Removes oversight from Bureau of Insurance to Department of Agriculture & Consumer Services
- Contracts will be subject to the Consumer Protection Act
- Providers are still responsible for all remaining 2017 filing requirements for the Bureau of Insurance
- All providers will be subject to a minimum tax (similar to the premium tax) of 2.25 percent of collected provider fees instead of corporate income tax
- All providers will have to register and renew annually with VDACS for $300
- All providers have the option of (1) maintaining a funded reserve of 40 percent of gross considerations, less claims paid and a bond or letter of credit or; (2) maintain a liability insurance policy
- Providers with a net worth of $100 million or more are exempt just as before
Statutes
REGULATIONS
None at this time
