§ 6.1-2.26. (Repealed effective October 1, 2010) Settlement agentregistration requirements and compliance with unauthorized practice of lawguidelines.
A. Every settlement agent subject to the provisions of this chapter shall beregistered as such with the appropriate licensing authority. In conjunctiontherewith, settlement agents shall furnish (i) their names, businessaddresses and telephone numbers and (ii) such other information as may berequired. Each such registration (i) shall be accompanied by a fee not toexceed $100, and (ii) shall be renewed at least biennially thereafter.
B. The Virginia State Bar, in consultation with the Virginia StateCorporation Commission and the Virginia Real Estate Board, shall promulgateregulations establishing guidelines for settlement agents designed to assistthem in avoiding and preventing the unauthorized practice of law inconjunction with providing escrow, closing and settlement services. Suchguidelines shall be furnished by the appropriate licensing authority to (i)each settlement agent at the time of registration and any renewal thereof,(ii) state and federal agencies that regulate financial institutions, and(iii) members of the general public upon request. Such guidelines shall alsobe furnished by settlement agents to any party to a real estate transactionin which such agents are providing escrow, closing or settlement services,upon request.
C. The Virginia State Bar shall receive complaints concerning settlementagent or financial institution noncompliance with the guidelines establishedpursuant to subsection B and shall (i) investigate the same to the extentthey concern the unauthorized practice of law or any other matter within itsjurisdiction, and (ii) refer all other matters or allegations to theappropriate licensing authority. The willful failure of any settlement agentto comply with the guidelines shall be considered a violation of thischapter, and such agent shall be subject to a penalty of up to $5,000 foreach such failure as the Virginia State Bar may determine.
§ 6.1-2.26. (Repealed effective October 1, 2010) Settlement agentregistration requirements and compliance with unauthorized practice of lawguidelines.
A. Every settlement agent subject to the provisions of this chapter shall beregistered as such with the appropriate licensing authority. In conjunctiontherewith, settlement agents shall furnish (i) their names, businessaddresses and telephone numbers and (ii) such other information as may berequired. Each such registration (i) shall be accompanied by a fee not toexceed $100, and (ii) shall be renewed at least biennially thereafter.
B. The Virginia State Bar, in consultation with the Virginia StateCorporation Commission and the Virginia Real Estate Board, shall promulgateregulations establishing guidelines for settlement agents designed to assistthem in avoiding and preventing the unauthorized practice of law inconjunction with providing escrow, closing and settlement services. Suchguidelines shall be furnished by the appropriate licensing authority to (i)each settlement agent at the time of registration and any renewal thereof,(ii) state and federal agencies that regulate financial institutions, and(iii) members of the general public upon request. Such guidelines shall alsobe furnished by settlement agents to any party to a real estate transactionin which such agents are providing escrow, closing or settlement services,upon request.
C. The Virginia State Bar shall receive complaints concerning settlementagent or financial institution noncompliance with the guidelines establishedpursuant to subsection B and shall (i) investigate the same to the extentthey concern the unauthorized practice of law or any other matter within itsjurisdiction, and (ii) refer all other matters or allegations to theappropriate licensing authority. The willful failure of any settlement agentto comply with the guidelines shall be considered a violation of thischapter, and such agent shall be subject to a penalty of up to $5,000 foreach such failure as the Virginia State Bar may determine.
§ 6.1-2.26. (Repealed effective October 1, 2010) Settlement agentregistration requirements and compliance with unauthorized practice of lawguidelines.
A. Every settlement agent subject to the provisions of this chapter shall beregistered as such with the appropriate licensing authority. In conjunctiontherewith, settlement agents shall furnish (i) their names, businessaddresses and telephone numbers and (ii) such other information as may berequired. Each such registration (i) shall be accompanied by a fee not toexceed $100, and (ii) shall be renewed at least biennially thereafter.
B. The Virginia State Bar, in consultation with the Virginia StateCorporation Commission and the Virginia Real Estate Board, shall promulgateregulations establishing guidelines for settlement agents designed to assistthem in avoiding and preventing the unauthorized practice of law inconjunction with providing escrow, closing and settlement services. Suchguidelines shall be furnished by the appropriate licensing authority to (i)each settlement agent at the time of registration and any renewal thereof,(ii) state and federal agencies that regulate financial institutions, and(iii) members of the general public upon request. Such guidelines shall alsobe furnished by settlement agents to any party to a real estate transactionin which such agents are providing escrow, closing or settlement services,upon request.
C. The Virginia State Bar shall receive complaints concerning settlementagent or financial institution noncompliance with the guidelines establishedpursuant to subsection B and shall (i) investigate the same to the extentthey concern the unauthorized practice of law or any other matter within itsjurisdiction, and (ii) refer all other matters or allegations to theappropriate licensing authority. The willful failure of any settlement agentto comply with the guidelines shall be considered a violation of thischapter, and such agent shall be subject to a penalty of up to $5,000 foreach such failure as the Virginia State Bar may determine.
