§ 55.1-1003 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;
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.
History
This law was first created in 1997. The record of its establishment is cataloged in chapter 716 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 7 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1998, chapter 69; in 2000, chapter 549; in 2002, chapter 464; in 2007, chapter 898; in 2008, chapter 92; in 2010, chapter 794; in 2019, chapter 712.
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, § 55-525.19; 2019, c. 712.