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1996 SESSION

• | print version

SB 571 Wet Settlement Act; settlement agents.

Introduced by: John S. Edwards | all patrons    ...    notes | add to my profiles

SUMMARY:

Banking and finance; Wet Settlement Act; settlement agents. Requires real estate transaction settlement agents to act in accordance with the highest standards of fiduciary conduct. The bill requires them to ensure their compliance with all applicable laws and regulations. The bill also directs the Department of Professional and Occupational Regulation to promulgate regulation to establish settlement agent registration and financial responsibility requirements which may include the payment of annual registration fees. The Board of Professional and Occupational Regulation is directed to conduct a study to determine the appropriate level of regulation for settlement agents. The Board will report its findings to the Governor and the 1997 Session of the General Assembly. The bill exempts from its registration and financial responsibility requirements, attorneys-at-law, title insurance companies and agents and parties to real estate transactions (including lenders). Its provisions will become effective on July 1, 1997.

FULL TEXT

• 01/22/96  Senate: Presented & ordered printed 962331655  pdf
• 02/05/96  Senate: Committee substitute printed 961055655-S1  pdf
• 02/27/96  House: Committee substitute printed 961066655-H1  pdf
• 03/15/96  Senate: Bill text as passed Senate and House (SB571ER)  pdf

AMENDMENTS

• Governor's veto explanation

HISTORY

• 01/22/96  Senate: Presented & ordered printed 962331655
• 01/22/96  Senate: Referred to Committee on Commerce and Labor
• 02/05/96  Senate: Reported from C. & L. with substitute (15-Y 0-N)
• 02/05/96  Senate: Committee substitute printed 961055655-S1
• 02/06/96  Senate: Const. reading disp.(38-Y 0-N), passed by for the day
• 02/06/96  Senate: VOTE: CONST. READING DISPENSED (38-Y 0-N)
• 02/07/96  Senate: Read second time
• 02/07/96  Senate: Reading of substitute waived
• 02/07/96  Senate: Committee substitute agreed to 961055655-S1
• 02/07/96  Senate: Engrossed by Senate - comm. sub. 961055655-S1
• 02/07/96  Senate: Constitutional reading dispensed (39-Y 0-N)
• 02/07/96  Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
• 02/07/96  Senate: Passed Senate (34-Y 0-N 4-A)
• 02/07/96  Senate: VOTE: PASSAGE (34-Y 0-N 4-A)
• 02/07/96  Senate: Rec. of passage agreed to by Senate (40-Y 0-N)
• 02/07/96  Senate: VOTE: RECONSIDER (40-Y 0-N)
• 02/07/96  Senate: Passed Senate (37-Y 0-N 2-A)
• 02/07/96  Senate: VOTE: PASSAGE (37-Y 0-N 2-A)
• 02/07/96  Senate: Communicated to House
• 02/08/96  House: Placed on Calendar
• 02/09/96  House: Read first time
• 02/09/96  House: Referred to Committee on Corporations, Insurance and Banking
• 02/27/96  House: Reported from C. I. B. w/sub. (22-Y 0-N)
• 02/27/96  House: Committee substitute printed 961066655-H1
• 02/28/96  House: Read second time
• 02/29/96  House: Read third time
• 02/29/96  House: Committee substitute agreed to 961066655-H1
• 02/29/96  House: Engrossed by House - com. sub. 961066655-H1
• 02/29/96  House: Passed House with substitute (Block Vote) (96-Y 0-N)
• 02/29/96  House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
• 03/04/96  Senate: Reading of substitute waived
• 03/04/96  Senate: House substitute agreed to by Senate (35-Y 0-N 4-A)
• 03/04/96  Senate: VOTE: CONCUR HOUSE SUBSTITUTE (35-Y 0-N 4-A)
• 03/15/96  Senate: Bill text as passed Senate and House (SB571ER)
• 03/20/96  Senate: Enrolled
• 03/21/96  Senate: Signed by President
• 03/22/96  House: Signed by Speaker
• 04/10/96  Governor: Vetoed by Governor
• 04/17/96  Senate: Motion to pass in enrolled form rejected (18-Y 17-N 4-A)
• 04/17/96  Senate: VOTE: PASSAGE OF ENROLLED BILL REJECTED (18-Y 17-N 4-A)
• 04/17/96  Senate: Reconsideration agreed to by Senate (38-Y 0-N)
• 04/17/96  Senate: VOTE: RECONSIDER (38-Y 0-N)
• 04/17/96  Senate: Motion to pass in enrolled form rejected (19-Y 16-N 4-A)
• 04/17/96  Senate: VOTE: PASSAGE OF ENROLLED BILL REJECTED (19-Y 16-N 4-A)
• 04/17/96  Senate: Senate sustained Governor's veto