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1996 SESSION

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HB 505 Wet Settlement Act; funds in interest-bearing account.

Introduced by: William S. Moore, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Wet Settlement Act; settlement agent. Permits a settlement agent under the Wet Settlement Act to maintain transaction funds of the parties in interest-bearing accounts of financial institutions if the agent establishes and follows record keeping and administrative procedures to compute and credit or pay pro rata interest on each party's funds. Under the bill, the settlement agent is authorized to charge costs or expenses for the procedures associated with computing and crediting or paying such interest. The bill also provides that if a settlement agent is a licensed attorney in Virginia, he may dispose of the interest on client funds in accordance with rules promulgated by the Virginia Supreme Court (by the authority granted it under 54.1-3909).


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