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2005 SESSION

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SB 875 Consumer Real Estate Settlement Protection Act; prohibits separate charge.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Consumer Real Estate Settlement Protection Act; separate charge limited. Prohibits settlement agents from charging more than $10 for complying with requirements that settlement agents collect, maintain, and report to the Department of Taxation information regarding transactions involving the transfer of title to real estate.  HB 1586 is identical.

SUMMARY AS INTRODUCED:

Consumer Real Estate Settlement Protection Act; separate charge prohibited. Prohibits settlement agents from making a separate charge on a settlement statement for complying with requirements that settlement agents collect, maintain, and report to the Department of Taxation information regarding transactions involving the transfer of title to real estate. Though the cost of compliance with such requirements may not be assessed as a separate charge, settlement agents are not prohibited from taking this cost into account in establishing their charges for performing escrow, closing or settlement services.