Code of Virginia - Title 6.1 Banking And Finance - Chapter 1.3 Consumer Real Estate Settlement Protection Act

• 6.1-2.19 Title, purpose and applicability
  A. This chapter shall be known as the Consumer Real Estate Settlement Protection Act. B. The purpose of this chapter is to authorize existing licensing ...
• 6.1-2.20 Definitions
  "Escrow" means written instruments, money or other items deposited by a party with a settlement agent for delivery to other persons upon the performance of ...
• 6.1-2.21 Licensing requirements, standards and financial responsibility
  A. A person shall not act in the capacity of a settlement agent, and a lender, seller, purchaser or borrower may not contract with any ...
• 6.1-2.22 Disclosure
  All contracts involving the purchase of real estate containing not more than four residential dwelling units shall include in bold face, ten-point type the following ...
• 6.1-2.23 Conditions for providing escrow, closing, or settlement services and for maintaining escrow account...
  A. All funds deposited with the settlement agent in connection with an escrow, settlement or closing shall be handled in a fiduciary capacity and submitted ...
• 6.1-2.23:1 Falsifying settlement statements prohibited
  No settlement agent shall intentionally make any materially false or misleading statement or entry on a settlement statement. An estimate of charges made in good ...
• 6.1-2.23:2 Separate charge for reporting transactions limited.
  No settlement agent shall charge any party to a real estate transaction, as a separate item on a settlement statement, a sum exceeding $10 for ...
• 6.1-2.24 Record retention requirements
  The settlement agent shall maintain sufficient records of its affairs so that the appropriate licensing authority may adequately ensure that the settlement agent is in ...
• 6.1-2.25 Rules and regulations
  Except as provided in § 6.1-2.26, the appropriate licensing authority may issue summonses, subpoenas, rules, regulations, and orders, including educational requirements, consistent with and necessary ...
• 6.1-2.26 Settlement agent and financial institution compliance with unauthorized practice of law guideline...
  A. Every settlement agent subject to the provisions of this chapter shall be registered as such with the Virginia State Bar within ninety days of ...
• 6.1-2.27 Penalties and liabilities
  A. If the appropriate licensing authority determines that the settlement agent licensed by it or any of its other licensees has violated this chapter, or ...
• 6.1-2.27:1 Confidentiality of information obtained by the Commission
  A. Any documents, materials, or other information in the control or possession of the Commission that are furnished by a title insurance company or title ...
• 6.1-2.28 Severability
  If any provision of this chapter, or the application of the provision to any person or circumstance, shall be held invalid, the remainder of the ...
• 6.1-2.29 Compliance
  A settlement agent operating in this Commonwealth prior to July 1, 1997, shall have ninety days after July 1, 1997, to comply with requirements of ...

Last modified: April 2, 2009