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1999 SESSION

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991600112
HOUSE BILL NO. 2600 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on General Laws on February 6, 1999) (Patrons Prior to Substitute--Delegates Deeds and Bennett [HB 2609]) A BILL to amend the Code of Virginia by adding a section numbered 6.1-2.13:2, relating to real estate settlements; disclosure of affiliated business by settlement service provider.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 6.1-2.13:2 as follows:

§ 6.1-2.13:2. Disclosure of affiliated business by settlement service providers.

Any person making a referral to an affiliated settlement service provider shall disclose the affiliation in accordance with the federal Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. § 2601 et seq.) and provide such disclosure regardless of the amount of the person’s actual ownership interest in the affiliated provider.