55-525.21 - (Effective October 1, 2010) Persons prohibited from assisting or being employed by settlement agents. - Virginia Statutes

§ 55-525.21. (Effective October 1, 2010) Persons prohibited from assisting orbeing employed by settlement agents.

A. A person who has been convicted of a felony involving fraud, deceit, ormisrepresentation shall not assist a settlement agent in the performance ofescrow, closing, or settlement services involving the receipt or disbursementof funds from real estate settlements in the Commonwealth.

B. A settlement agent shall not employ a person who has been convicted of afelony involving fraud, deceit, or misrepresentation in an administrative orclerical capacity that involves the receipt or disbursement of funds fromreal estate settlements in the Commonwealth.

(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.)