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2016 SESSION

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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 | history

SUMMARY AS PASSED SENATE:

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.

SUMMARY AS INTRODUCED:

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 Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 5301 et seq.), Regulation X (12 U.S.C. § 1024 et seq.), and Regulation Z (12 U.S.C. § 1026 et seq.), 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 nonfundable. The bill removes the requirement of the Bureau of Insurance to 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.