VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2008 SESSION

• history | hilite | pdf | print version

088621273
SENATE BILL NO. 158 Offered January 9, 2008 Prefiled January 7, 2008 A BILL to amend the Code of Virginia by adding a section numbered 6.1-2.13:3, relating to the Wet Settlement Act; disclosure of appraisal charges. ---------- Patron-- McEachin ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 6.1-2.13:3 as follows:

§ 6.1-2.13:3. Disclosure of charges for appraisal or valuation using automated or other valuation mechanism.

Any lender providing a loan secured by a first deed of trust or mortgage on real estate containing not more than four residential dwelling units shall disclose on the settlement statement, as that term is defined in § 6.1-2.20, whether the borrower is being charged for an appraisal, as that term is defined in § 54.1-2009, or a valuation using an automated or other mechanism for determining the fair market value of the property collateralizing the loan.