6.1-2.30 - (Repealed effective October 1, 2010) Title, purpose and applicability. - Virginia Statutes

§ 6.1-2.30. (Repealed effective October 1, 2010) Title, purpose andapplicability.

A. This chapter shall be known as the Real Estate Settlement AgentRegistration Act.

B. The purpose of this chapter is to require lay persons performing escrow,closing or settlement services in relation to any real property located inthe Commonwealth to comply with certain safeguards relating to licensure,registration, financial responsibility and the handling of settlement fundsas detailed in the Consumer Real Estate Settlement Protection Act (§ 6.1-2.19et seq.).

C. This chapter applies to transactions involving the purchase of or lendingon the security of real estate located in this Commonwealth not otherwisecovered by the provisions of the Consumer Real Estate Settlement ProtectionAct.

D. Nothing in this chapter shall be construed to prevent a person licensedunder Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1, or such licensee'semployees or independent contractors, from performing escrow, closing orsettlement services, as defined by § 6.1-2.20, to facilitate the settlementof a transaction in which the licensee is involved without complying with theprovisions of this chapter, so long as the licensee, the licensee's employeesor independent contractors, are not named as the settlement agent on thesettlement statement and the licensee is otherwise not prohibited fromperforming such services by law or regulation.

(1999, c. 647.)