AMENDMENTS PROPOSED BY THE SENATE COMMITTEE ON COMMERCE AND LABOR

1. Page 1, introduced, line 25, after existing

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regulatory

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licensing

2. Page 1, introduced, line 32

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lines 32 and 33

3. Page 1, introduced, after line 48

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"Licensing authority" shall mean the (i) State Corporation Commission acting pursuant to this Act, Title 6.1 or Title 38.2; (ii) the Virginia State Bar acting pursuant to this Act or Chapter 39 (§54.1-3900 et seq.) of Title 54.1; or (iii) The Virginia Real Estate Board acting pursuant to this Act or Chapter 21 (§54.1-2100 et seq.) of Title 54.1.

4. Page 2, introduced, line 15, after Act

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and its licensing authority

5. Page 2, introduced, line 18, after in §

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6. Page 2, introduced, line 20, after minimum of

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$100,000

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$250,000

7. Page 2, introduced, line 22, after A

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blanket

8. Page 2, introduced, line 23, after coverage.

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When the settlement agent has no employees except the owners, partners, shareholders or members, the settlement agent may apply to the appropriate licensing authority for a waiver of this fidelity bond or employee dishonesty requirement.

3. A surety bond of not less than $100,000.

9. Page 2, introduced, line 24, after settlement agent

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, other than an attorney,

10. Page 2, introduced, line 29, after represents.

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The Virginia State Bar shall be vested with authority to audit the escrow accounts of attorney settlement agents.

11. Page 2, introduced, line 38, after and

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remainder of line 38

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such reports and other records of the insurance company's activities as a settlement agent shall be made available to the appropriate licensing authority when examinations are conducted pursuant to provisions in Title 38.2.

12. Page 2, introduced, line 41, after include

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in bold face, 10 point type

13. Page 2, introduced, line 49, after law

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in Virginia

14. Page 2, introduced, line 54, after be

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handled in a fiduciary capacity and

15. Page 3, introduced, line 16, after borrower

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provided, however, that an attorney settlement agent shall maintain escrow accounts in accordance with applicable rules of the Virginia State Bar and the Supreme Court of Virginia

16. Page 3, introduced, line 30, after orders

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, including educational requirements,

17. Page 3, introduced, line 31, after company

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remainder of line 31 and through Title 38.2 on line 32

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domiciled in this Commonwealth or acting in the capacity of a settlement agent pursuant to this Act

18. Page 3, introduced, line 36, after Title 38.2.

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remainder of line 36 and all of lines 37 and 38