2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 27.3 - Real Estate Settlement Agents (55-525.16 thru 55-525.32)
55-525.19 - (Effective October 1, 2010) Persons who may act as a settlement agent.
§ 55-525.19. (Effective October 1, 2010) Persons who may act as a settlement agent.
A. A person shall not act in the capacity of a settlement agent, and a lender, seller, purchaser or borrower may not contract with any person to act in the capacity of a settlement agent, with respect to real estate settlements in the Commonwealth unless the person has not been convicted of a felony, unless such person has had his civil rights restored by the Governor or been granted a writ of actual innocence, and is either:
1. Licensed as an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title 54.1;
2. Licensed as a title insurance company under Title 38.2;
3. Licensed as a title insurance agent under Title 38.2 and is appointed by a title insurance company licensed in the Commonwealth pursuant to Chapter 18 (§ 38.2-1800 et seq.) of Title 38.2;
4. Licensed as a real estate broker under Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1;
5. A financial institution authorized to do business in the Commonwealth under any of the provisions of Title 6.2 or under federal law; or
6. A subsidiary or affiliate of a financial institution described in subdivision 5.
Any person described in subdivisions 1 through 6, not acting in the capacity of a settlement agent, shall not be subject to the provisions of this chapter.
B. Notwithstanding any rule of court to the contrary, a settlement agent operating in compliance with the requirements of this chapter or a party to the real estate transaction may provide escrow, closing, or settlement services and receive compensation for such services.
(1997, c. 716, § 6.1-2.21; 1998, c. 69; 2000, c. 549; 2002, c. 464; 2007, c. 898; 2008, c. 92; 2010, c. 794.)
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