55-525.13 - (Effective October 1, 2010) Disclosure of affiliated business by settlement service providers. - Virginia Statutes

§ 55-525.13. (Effective October 1, 2010) Disclosure of affiliated business bysettlement service providers.

Any person making a referral to an affiliated settlement service providershall disclose the affiliation in accordance with the federal Real EstateSettlement Procedures Act (12 U.S.C. § 2601 et seq.). Such disclosure shallbe provided regardless of the amount of the person's actual ownershipinterest in the affiliated provider. However, if the person's ownershipinterest is one percent or less of the capital stock of a corporation orentity with a class of securities registered under the Securities ExchangeAct of 1934 (15 U.S.C. § 78a et seq.), the disclosure shall not be required.

(1999, c. 688, § 6.1-2.13:2; 2010, c. 794.)