Department of Professional and Occupational Regulation; Virginia Residential Property Disclosure Act; comprehensive review of required disclosures; report. Directs the Department of Professional and Occupational Regulation to convene a stakeholder advisory group to assist the Department in conducting a comprehensive review of (i) required disclosures for a buyer to beware, (ii) current methods for a buyer to receive a residential property disclosure statement, and (iii) the statutory language related to residential property disclosure statements and the language used in such disclosure statements. The bill further directs the Department to develop recommendations based on such review and stakeholder input to improve efficiency, transparency, and the consumer experience while maintaining legal protections for all parties. The bill requires the Department to submit a written report of its findings and recommendations to the Chairs of the House Committee on General Laws and the Senate Committee on General Laws and Technology no later than October 1, 2026. This bill incorporates HB 477.

Statutes affected:
Introduced: 54.1-2105.1