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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
2004 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 6.1-2.25 and 17.1-223 of the Code of Virginia are amended and reenacted as follows:
§ 6.1-2.25. Rules and regulations.
Except as provided in § 6.1-2.26, the appropriate licensing authority may issue rules, regulations and orders, including educational requirements, consistent with and necessary to carry out the provisions of this chapter. When the registration of a settlement agent is renewed, the appropriate authority shall notify the registrant of the provisions of § 17.1-223. A title insurance company domiciled in this Commonwealth or acting in the capacity of a settlement agent pursuant to this chapter shall account for funds held and income derived from escrow, closing or settlement services in accordance with the applicable instructions of, and the accounting practices and procedures manuals adopted by, the National Association of Insurance Commissioners when filing the annual statements and reports required under Chapter 13 (§ 38.2-1300 et seq.) of Title 38.2.
§ 17.1-223. Duty of clerk to record writings, etc., and make index.
Every writing authorized by law to be recorded, with all certificates, plats,
schedules or other papers thereto annexed or thereon endorsed, upon payment of
fees for the same and the tax thereon, if any, shall, when admitted to record,
be recorded by or under the direction of the clerk on such media as are
prescribed by § 17.1-239. However, the clerk may refuse to accept any writing
for filing or recordation unless (i) each individual's surname only, where it first
appears in the writing, is underscored or written entirely in capital letters, (ii)
each page of the instrument or writing is numbered, (iii) the Code section
under which any exemption from recordation taxes is claimed is clearly stated
on the face of the writing, (iv) the names of all grantors and grantees are
listed as required by §§ 55-48 and 55-58, and (v) the first page of the
document bears an entry showing the name of either the person or entity who
drafted the instrument, except that papers or documents prepared outside of the
Commonwealth shall be recorded without such an entry. In addition, No deed
shall be accepted for record by the clerk unless it is accompanied by a current business
or residence address of the grantee or a designee. However, The person or
entity submitting a deed or deed of trust conveying not more than four residential dwelling
units may state on the first page of the document the name of the title
insurance underwriter insuring such instrument and the title insurance policy
number or a statement that there is no title insurance in effect with respect
to the document or a statement that such identifying number is not available or
is unknown. If the writing or deed is accepted for record and spread on the
deed books, it shall be deemed to be validly recorded for all purposes. Such books shall be
indexed by him as provided by § 17.1-249 and carefully preserved. Upon
admitting any such writing or other paper to record the clerk shall endorse
thereon the day and time of day of such recordation. More than one book may be
used contemporaneously under the direction of the clerk for the recordation of
the writings mentioned in this section whenever it may be necessary to use more
than one book for the proper conduct of the business of his office. After being
so recorded such writings may be delivered to the party entitled to claim under
the same.