55-525.19 - (Effective October 1, 2010) Persons who may act as a settlement agent. - Virginia Statutes

§ 55-525.19. (Effective October 1, 2010) Persons who may act as a settlementagent.

A. A person shall not act in the capacity of a settlement agent, and alender, seller, purchaser or borrower may not contract with any person to actin the capacity of a settlement agent, with respect to real estatesettlements in the Commonwealth unless the person has not been convicted of afelony, unless such person has had his civil rights restored by the Governoror been granted a writ of actual innocence, and is either:

1. Licensed as an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title54.1;

2. Licensed as a title insurance company under Title 38.2;

3. Licensed as a title insurance agent under Title 38.2 and is appointed by atitle insurance company licensed in the Commonwealth pursuant to Chapter 18(§ 38.2-1800 et seq.) of Title 38.2;

4. Licensed as a real estate broker under Chapter 21 (§ 54.1-2100 et seq.) ofTitle 54.1;

5. A financial institution authorized to do business in the Commonwealthunder any of the provisions of Title 6.2 or under federal law; or

6. A subsidiary or affiliate of a financial institution described insubdivision 5.

Any person described in subdivisions 1 through 6, not acting in the capacityof a settlement agent, shall not be subject to the provisions of this chapter.

B. Notwithstanding any rule of court to the contrary, a settlement agentoperating in compliance with the requirements of this chapter or a party tothe real estate transaction may provide escrow, closing, or settlementservices and receive compensation for such services.

(1997, c. 716, § 6.1-2.21; 1998, c. 69; 2000, c. 549; 2002, c. 464; 2007, c.898; 2008, c. 92; 2010, c. 794.)