55-525.14 - (Effective October 1, 2010) Disclosure of charges for appraisal or valuation using automated or other valuation mechanism. - Virginia Statutes

§ 55-525.14. (Effective October 1, 2010) Disclosure of charges for appraisalor valuation using automated or other valuation mechanism.

Any lender providing a loan secured by a first deed of trust or mortgage onreal estate containing not more than four residential dwelling units shalldisclose on the settlement statement, as that term is defined in § 55-525.16,any fee charged to the borrower for an appraisal, as that term is defined in§ 54.1-2009, and any fee charged to the borrower for a valuation or opinionof value of the property prepared using an automated or other mechanismprepared by a person who is not licensed as an appraiser under Chapter 20.1(§ 54.1-2009 et seq.) of Title 54.1.

(2008, c. 400, § 6.1-2.13:3; 2010, c. 794.)