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2016 SESSION
SB 204 Real estate settlement agents; adds to provisions relating to agents, "closing disclosure."
Introduced by: Richard H. Stuart | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Real estate settlement agents. Adds to provisions relating to real estate settlement agents a new term, "closing disclosure," defined in the bill as the combined mortgage loan disclosure statement of final loan terms and closing costs prescribed under the Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.) and the Consumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and Regulation Z (12 C.F.R. Part 1026), to comply with changes made by the federal Consumer Financial Protection Bureau to the real estate closing process. The bill also makes the settlement agent's registration fee nonrefundable. The bill removes the requirement that the Bureau of Insurance notify the Virginia State Bar to terminate a settlement agent's registration upon termination of his last appointment because the Bureau, and not the Virginia State Bar, administers the licensing process.
FULL TEXT
- 01/05/16 Senate: Prefiled and ordered printed; offered 01/13/16 16101551D pdf | impact statement
- 02/01/16 Senate: Committee substitute printed 16104516D-S1 pdf | impact statement
- 03/09/16 Senate: Bill text as passed Senate and House (SB204ER) pdf | impact statement
- 04/01/16 Governor: Acts of Assembly Chapter text (CHAP0619) pdf
HISTORY
- 01/05/16 Senate: Prefiled and ordered printed; offered 01/13/16 16101551D
- 01/05/16 Senate: Referred to Committee for Courts of Justice
- 01/18/16 Senate: Rereferred from Courts of Justice (14-Y 0-N)
- 01/18/16 Senate: Rereferred to Commerce and Labor
- 02/01/16 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/01/16 Senate: Committee substitute printed 16104516D-S1
- 02/03/16 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/04/16 Senate: Read second time
- 02/04/16 Senate: Reading of substitute waived
- 02/04/16 Senate: Committee substitute agreed to 16104516D-S1
- 02/04/16 Senate: Engrossed by Senate - committee substitute SB204S1
- 02/05/16 Senate: Read third time and passed Senate (39-Y 0-N)
- 02/11/16 House: Placed on Calendar
- 02/11/16 House: Read first time
- 02/11/16 House: Referred to Committee on General Laws
- 02/17/16 House: Assigned GL sub: Subcommittee #1
- 02/25/16 House: Subcommittee recommends reporting (7-Y 0-N)
- 03/01/16 House: Reported from General Laws (21-Y 0-N)
- 03/03/16 House: Read second time
- 03/04/16 House: Read third time
- 03/04/16 House: Passed by for the day
- 03/07/16 House: Passed by for the day
- 03/08/16 House: Read third time
- 03/08/16 House: Passed House (97-Y 0-N)
- 03/08/16 House: VOTE: PASSAGE (97-Y 0-N)
- 03/09/16 Senate: Enrolled
- 03/09/16 Senate: Bill text as passed Senate and House (SB204ER)
- 03/09/16 House: Signed by Speaker
- 03/10/16 Senate: Signed by President
- 03/11/16 Senate: Enrolled Bill Communicated to Governor on 3/11/16
- 03/11/16 Governor: Governor's Action Deadline Midnight, Sunday, April 10, 2016
- 04/01/16 Governor: Approved by Governor-Chapter 619 (effective 7/1/16)
- 04/01/16 Governor: Acts of Assembly Chapter text (CHAP0619)