HB 505 Wet Settlement Act; funds in interest-bearing account.
William S. Moore, Jr. | all patrons    ...    notes
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Summary:
Wet Settlement Act; settlement agent. Permits a settlement agent under the Wet Settlement Act to maintain transaction funds of the parties in interest-bearing accounts of financial institutions if the agent establishes and follows record keeping and administrative procedures to compute and credit or pay pro rata interest on each party's funds. Under the bill, the settlement agent is authorized to charge costs or expenses for the procedures associated with computing and crediting or paying such interest. The bill also provides that if a settlement agent is a licensed attorney in Virginia, he may dispose of the interest on client funds in accordance with rules promulgated by the Virginia Supreme Court (by the authority granted it under 54.1-3909).

Full text:
01/18/96  House: Presented & ordered printed 963478360  pdf
02/01/96  House: Printed as engrossed 963478360-E  pdf

Amendments:
House amendments

Status:
01/18/96  House: Presented & ordered printed 963478360
01/18/96  House: Referred to Committee on Corporations, Insurance and Banking
01/30/96  House: Reported from C. I. B. w/amd. (12-Y 5-N)
01/31/96  House: Read first time
02/01/96  House: Read second time
02/01/96  House: Committee amendment agreed to
02/01/96  House: Engrossed by House as amended
02/01/96  House: Printed as engrossed 963478360-E
02/02/96  House: Read third time and passed House (92-Y 3-N)
02/02/96  House: VOTE: PASSAGE (92-Y 3-N)
02/02/96  House: Communicated to Senate
02/05/96  Senate: Read first time
02/05/96  Senate: Referred to Committee on Commerce and Labor
03/04/96  Senate: Continued to 1997 in Commerce and Labor (10-Y 3-N 2-A)