Banking and finance; Wet Settlement Act; settlement agents. Requires real estate transaction settlement agents to act in accordance with the highest standards of fiduciary conduct. The bill requires them to (i) avoid or promptly resolve conflicts of interests, (ii) prevent improper influences from affecting their actions, and (iii) assure their compliance with all applicable laws and regulations. The bill also directs the Virginia State Corporation Commission (SCC) to establish settlement agent registration and financial responsibility requirements which may include the payment of annual registration fees and furnishing surety bonds or other sufficient security. The bill authorizes the SCC to exempt from the registration and financial responsibility requirements, attorneys-at-law who are otherwise licensed by the Virginia Supreme Court pursuant to Chapter 39 of Title 54.1.
01/22/96 House: Presented & ordered printed 962371312 pdf
01/22/96 House: Presented & ordered printed 962371312
01/22/96 House: Referred to Committee on Corporations, Insurance and Banking
02/09/96 House: Continued to 1997 in C. I. B. (22-Y 0-N)