                                 CODE OF VIRGINIA

DEFINITIONS (§ 55.1-900)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Disbursement of loan funds&#8221; means the delivery of the loan funds
by the lender to the settlement agent in one or more of the following forms:

1. Cash;

2. Wired funds;

3. Certified check;

4. Checks issued by the Commonwealth or a political subdivision of the
Commonwealth;

5. Cashier&#8217;s check, or teller&#8217;s check with equivalent funds
availability in conformity with the federal Expedited Funds Availability Act (12
U.S.C. &#xA7; 4001 et seq.);

6. Checks issued by a financial institution, the accounts of which are insured
by an agency of the federal or state government, which checks are drawn on a
financial institution located within the Fifth Federal Reserve District, the
accounts of which are insured by an agency of the federal or state government;

7. Drafts issued by a state chartered or federally chartered credit union;

8. Checks issued by an insurance company licensed and regulated by the State
Corporation Commission, which checks are drawn on a financial institution
located within the Fifth Federal Reserve District, the accounts of which are
insured by an agency of the federal government; or

9. Checks issued by a state or federal savings and loan association or savings
bank operating in the Commonwealth, which checks are drawn on the Federal Home
Loan Bank of Atlanta.
			&#8220;Disbursement of settlement proceeds&#8221; means the payment of all
proceeds of the transaction by the settlement agent to the persons entitled to
such proceeds.
			&#8220;Lender&#8221; means any person regularly engaged in making loans
secured by mortgages or deeds of trust on real estate.
			&#8220;Loan closing&#8221; means the time agreed upon by the borrower and
lender, when the execution of the loan documents by the borrower occurs.
			&#8220;Loan documents&#8221; means the note evidencing the debt due the
lender, the deed of trust, or the mortgage securing the debt due the lender and
any other documents required by the lender to be executed by the borrower as a
part of the transaction.
			&#8220;Loan funds&#8221; means the gross or net proceeds of the loan to be
disbursed by the lender at loan closing.
			&#8220;Settlement&#8221; means the time when the settlement agent has
received the duly executed deed, loan funds, loan documents, and other documents
and funds required to carry out the terms of the contract between the parties
and the settlement agent reasonably determines that prerecordation conditions of
such contracts have been satisfied. A determination by a settlement agent that
prerecordation conditions have been satisfied shall not control the rights and
obligations of the parties under the contract, including whether settlement has
occurred under the terms and conditions of the contract. &#8220;Parties,&#8221;
as used in this definition, means the seller, purchaser, borrower, lender, and
settlement agent.
			&#8220;Settlement agent&#8221; means the person responsible for conducting
the settlement and disbursement of the settlement proceeds and includes any
individual, corporation, partnership, or other entity conducting the settlement
and disbursement of loan proceeds.
			&#8220;Settlement service provider&#8221; means any person providing
settlement services, as that term is defined under the federal Real Estate
Settlement Procedures Act (12 U.S.C. &#xA7; 2601 et seq.).
			&#8220;Thing of value&#8221; means any payment, advance, funds, loan,
service, or other consideration.

HISTORY: 1980, c. 730, § 6.1-2.10; 1981, c. 86; 1984, c. 118; 1987, cc. 576,
577; 1990, c. 340; 1991, c. 254; 1999, c. 109; 2008, c. 514; 2010, c. 794, §
55-525.8; 2019, c. 712.