                                 CODE OF VIRGINIA

DISCLOSURE OF AFFILIATED BUSINESS BY SETTLEMENT SERVICE PROVIDERS (§ 55.1-905)

Any person making a referral to an affiliated settlement service provider shall
disclose the affiliation in accordance with the federal Real Estate Settlement
Procedures Act (12 U.S.C. § 2601 et seq.). Such disclosure shall be provided
regardless of the amount of the person&#8217;s actual ownership interest in the
affiliated provider. However, if the person&#8217;s ownership interest is one
percent or less of the capital stock of a corporation or entity with a class of
securities registered under the federal Securities Exchange Act of 1934 (15
U.S.C. § 78a et seq.), the disclosure shall not be required. If the
person&#8217;s ownership interest is greater than one percent, then the
disclosure shall include the percentage of ownership, or, if the person making
the referral owns more than 50 percent of the affiliated business, the
disclosure shall state that the settlement service provider is a subsidiary of
the person making the referral.

HISTORY: 1999, c. 688, § 6.1-2.13:2; 2010, c. 794, § 55-525.13; 2011, c. 82;
2019, c. 712.