§ 55.1-906 Disclosure of charges for appraisal or valuation using automated or other valuation mechanism
Any lender providing a loan secured by a first deed of trust or mortgage on real estate containing not more than four residential dwelling units shall disclose on the settlement statement or closing disclosure, as those terms are defined in § 55.1-1000, any fee charged to the borrower for an appraisal, as that term is defined in § 54.1-2009, and any fee charged to the borrower for a valuation or opinion of value of the property prepared using an automated or other mechanism prepared by a person who is not licensed as an appraiser under Chapter 20.1 (§ 54.1-2009 et seq.) of Title 54.1.
History
This law was first created in 2008. The record of its establishment is cataloged in chapter 400 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 3 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 2010, chapter 794; in 2016, chapter 619; in 2019, chapter 712.
2008, c. 400, § 6.1-2.13:3; 2010, c. 794, § 55-525.14; 2016, c. 619; 2019, c. 712.