6.1-2.32 - (Repealed effective October 1, 2010) Lay real estate settlement agents. - Virginia Statutes

§ 6.1-2.32. (Repealed effective October 1, 2010) Lay real estate settlementagents.

A. Notwithstanding any rule of court to the contrary, (i) a lay real estatesettlement agent may provide escrow, closing and settlement services for anyreal property located within the Commonwealth, and receive compensation forsuch services, provided he is registered pursuant to and is in compliancewith the provisions of the Consumer Real Estate Settlement Protection Act (§6.1-2.19 et seq.), with the exception of subsection C of § 6.1-2.19 and (ii)a party to the real estate transaction shall have the same authority underthis chapter as a party to the real estate transaction under the ConsumerReal Estate Settlement Protection Act.

B. As used in this chapter, "lay real estate settlement agent" means aperson who (i) is not licensed as an attorney under Chapter 39 (§ 54.1-3900et seq.) of Title 54.1, (ii) is not a party to the real estate transaction,(iii) provides escrow, closing or settlement services in connection with atransaction related to any real estate in this Commonwealth, and (iv) islisted as the settlement agent on the settlement statement for suchtransaction.

(1999, c. 647.)