Governor McDonnell Signs Legislation to Protect Property Rights of Virginia Citizens

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By Virginia RealEstateRama -

RICHMOND – July 16, 2012 – (RealEstateRama) — Governor Bob McDonnell ceremonially signed four pieces of legislation to protect the property rights of Virginia citizens. HB5 (R. Bell) and its companion SB240 (Obenshain) provide for a referendum for a constitutional amendment to protect private property rights on the Nov. 6, 2012 ballot. HB1035 (Joannou) and SB437 (Obenshain) provide clear definitions for the terms “lost profits” and “lost access” and how to determine the amount of just compensation.

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