§ 6.1-2.19. (Repealed effective October 1, 2010) Title, purpose andapplicability.
A. This chapter shall be known as the Consumer Real Estate SettlementProtection Act.
B. The purpose of this chapter is to authorize existing licensing authoritiesin the Commonwealth of Virginia to require persons performing escrow, closingor settlement services to comply with certain consumer protection safeguardsrelating to licensing, financial responsibility and the handling ofsettlement funds.
C. This chapter applies only to transactions involving the purchase of orlending on the security of real estate located in this Commonwealthcontaining not more than four residential dwelling units.
D. Nothing in this chapter shall be construed to prevent a person licensedunder Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1, or such licensee'semployees or independent contractors, from performing escrow, closing orsettlement services, as defined by this chapter, to facilitate the settlementof a transaction in which the licensee is involved without complying with theprovisions of this chapter, so long as the licensee, the licensee's employeesor independent contractors, are not named as the settlement agent on thesettlement statement and the licensee is otherwise not prohibited fromperforming such services by law or regulation.
§ 6.1-2.19. (Repealed effective October 1, 2010) Title, purpose andapplicability.
A. This chapter shall be known as the Consumer Real Estate SettlementProtection Act.
B. The purpose of this chapter is to authorize existing licensing authoritiesin the Commonwealth of Virginia to require persons performing escrow, closingor settlement services to comply with certain consumer protection safeguardsrelating to licensing, financial responsibility and the handling ofsettlement funds.
C. This chapter applies only to transactions involving the purchase of orlending on the security of real estate located in this Commonwealthcontaining not more than four residential dwelling units.
D. Nothing in this chapter shall be construed to prevent a person licensedunder Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1, or such licensee'semployees or independent contractors, from performing escrow, closing orsettlement services, as defined by this chapter, to facilitate the settlementof a transaction in which the licensee is involved without complying with theprovisions of this chapter, so long as the licensee, the licensee's employeesor independent contractors, are not named as the settlement agent on thesettlement statement and the licensee is otherwise not prohibited fromperforming such services by law or regulation.
§ 6.1-2.19. (Repealed effective October 1, 2010) Title, purpose andapplicability.
A. This chapter shall be known as the Consumer Real Estate SettlementProtection Act.
B. The purpose of this chapter is to authorize existing licensing authoritiesin the Commonwealth of Virginia to require persons performing escrow, closingor settlement services to comply with certain consumer protection safeguardsrelating to licensing, financial responsibility and the handling ofsettlement funds.
C. This chapter applies only to transactions involving the purchase of orlending on the security of real estate located in this Commonwealthcontaining not more than four residential dwelling units.
D. Nothing in this chapter shall be construed to prevent a person licensedunder Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1, or such licensee'semployees or independent contractors, from performing escrow, closing orsettlement services, as defined by this chapter, to facilitate the settlementof a transaction in which the licensee is involved without complying with theprovisions of this chapter, so long as the licensee, the licensee's employeesor independent contractors, are not named as the settlement agent on thesettlement statement and the licensee is otherwise not prohibited fromperforming such services by law or regulation.
