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HB570

Real estate settlement agents; presumption of competency, etc.

Status:
Killed

Chief Patron:
Wendy Gooditis (D)

Session:
2018 Regular Session

Summary

As Introduced. Real estate settlement agents.

Establishes a presumption that any person who is authorized to act as a settlement agent is competent to handle settlements of federally backed mortgages secured by real estate in the Commonwealth. Lenders are prohibited from imposing any additional requirement as a condition of closing such mortgages. The measure also (i) provides that if a lender maintains a list of approved settlement agents, the list shall include any person qualified to act as a settlement agent and (ii) prohibits a lender from removing a person from such a list unless it has given the person notice of the reasons for the proposed removal and an opportunity to request a hearing. If a hearing is requested, it shall be conducted by the State Corporation Commission (SCC), and the lender shall not remove the person from its list unless the SCC finds that the removal is permitted. (Less)

  • Bill History

  • 01/08/2018 - House: Prefiled and ordered printed; offered 01/10/18 18102618D
  • 01/08/2018 - House: Referred to Committee on General Laws
  • 01/19/2018 - House: Assigned GL sub: Subcommittee #2
  • 01/22/2018 - House: Impact statement from SCC (HB570)
  • 01/25/2018 - House: Subcommittee recommends striking from docket (8-Y 0-N)
  • 02/13/2018 - House: Left in General Laws

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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