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1998 SESSION
SB 554 Settlement Agents.
Introduced by: Warren E. Barry | all patrons ... notes | add to my profiles
SUMMARY:
Settlement Agents. Amends provisions concerning settlement agents in the Consumer Real Estate Settlement Protection Act (CRESPA), and adds provisions concerning settlement agent fees in a statute governing subordinate mortgage loans. Principal changes in CRESPA include those which: (i) authorize licensed realtors, their employees or independent contractors not named as the settlement agents in real estate purchase contracts to nevertheless perform escrow, closing or settlement services (if such licensees are not otherwise prohibited by law or regulation from performing these functions) without complying with CRESPA; (ii) redefine "settlement agent" to mean the individual furnishing settlement services who is listed as the settlement agent in the real estate purchase contract; (iii) require settlement agents other than attorneys or title insurance companies to have analyses of their escrow accounts conducted at least once in each consecutive 12-month period; (iv) delete reference to the requirement that escrow fund disbursements be accomplished via written instructions (signed by both sellers and purchasers or borrowers) conforming to the federal Real Estate Settlement Procedures Act; as amended, written instructions signed by both sellers and purchasers or borrowers will be deemed sufficient; and (v) require all CRESPA-governed real estate settlement statements to be in writing, and identify, by name and business address, the settlement agent.
An additional provision in the bill permits lenders to charge borrowers for the cost of a settlement agent's services in connection with making a loan secured by a subordinate mortgage or deed of trust.
FULL TEXT
- 01/26/98 Senate: Presented & ordered printed 989063607 pdf
- 02/10/98 Senate: Committee substitute printed 988746607-S1 pdf
- 02/27/98 Senate: Bill text as passed Senate and House (SB554ER) pdf
- 03/04/98 Senate: Bill text as passed Senate and House reprinted (SB554ER) pdf
- 03/17/98 Governor: Acts of Assembly Chapter text (CHAP0069) pdf
AMENDMENTS
HISTORY
- 01/26/98 Senate: Presented & ordered printed 989063607
- 01/26/98 Senate: Referred to Committee on Commerce and Labor
- 02/09/98 Senate: Reported from C. & L. with substitute (15-Y 0-N)
- 02/10/98 Senate: Committee substitute printed 988746607-S1
- 02/11/98 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/98 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/12/98 Senate: Read second time
- 02/12/98 Senate: Reading of substitute waived
- 02/12/98 Senate: Committee substitute agreed to 988746607-S1
- 02/12/98 Senate: Engrossed by Senate - comm. sub. 988746607-S1
- 02/13/98 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/13/98 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 02/13/98 Senate: Communicated to House
- 02/17/98 House: Placed on Calendar
- 02/18/98 House: Read first time
- 02/18/98 House: Referred to Committee on Corporations, Insurance and Banking
- 02/19/98 House: Reported from C. I. B. w/amds. (26-Y 0-N)
- 02/20/98 House: Read second time
- 02/23/98 House: Read third time
- 02/23/98 House: Committee amendments agreed to
- 02/23/98 House: Engrossed by House as amended
- 02/23/98 House: Passed House with amendments (Block Vote) (96-Y 0-N)
- 02/23/98 House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
- 02/25/98 Senate: Reading of amendments waived
- 02/25/98 Senate: House amendments agreed to by Senate (40-Y 0-N)
- 02/25/98 Senate: VOTE: CONCUR HOUSE AMENDMENTS R (40-Y 0-N)
- 02/27/98 Senate: Bill text as passed Senate and House (SB554ER)
- 03/04/98 Senate: Bill text as passed Senate and House reprinted (SB554ER)
- 03/04/98 Senate: Enrolled
- 03/04/98 House: Signed by Speaker
- 03/06/98 Senate: Signed by President
- 03/13/98 Governor: Approved by Governor-Chapter 69 (effective 7/1/98)
- 03/17/98 Governor: Acts of Assembly Chapter text (CHAP0069)