                                 CODE OF VIRGINIA

PERSONS WHO MAY ACT AS A SETTLEMENT AGENT (§ 55.1-1003)

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 (&#xA7; 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
   (&#xA7; 38.2-1800 et seq.) of Title 38.2;

   4. Licensed as a real estate broker under Chapter 21 (&#xA7; 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: 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.