State of Virginia Amends Requirements for Real Estate Settlement Agents
The state of Virginia has amended provisions for its real estate settlement agents. These changes take effect on July 1, 2016.
Code section 55-525.16 has been revised to include a definition of the term “closing disclosure.”
The legislation defines closing disclosure as follows:
“the combined mortgage loan disclosure statement of final loan terms and 48 closing costs prescribed under the Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 49 § 2601 et seq.) and Consumer Financial Protection Bureau Regulation X (12 C.F.R. Part 1024) and 50 Regulation Z (12 C.F.R. Part 1026).”
This new term is inserted through various code sections alongside the term “settlement statement” in the following chapters:
- § 55-525.17 (Limitation on applicability of chapter)
- § 55-525.24 (Conditions for providing escrow, closing or settlement services and for maintaining escrow accounts)
- § 55-525.25 (falsifying settlement statements prohibited)
- § 55-525.26 (Separate charge for reporting transactions limited)
Note, the term settlement statement is still applicable in circumstances where a closing disclosure is not required.
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