Virginia House Bill 1091 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 13 2016 - 25% progression, died in committee
Action: 2016-02-16 - Left in General Laws
Pending: House General Laws Committee
Text: Latest bill text (Prefiled) [HTML]

Definition of settlement statements; real estate settlement agents; certain disclosures required. Requires that all settlement statements for transactions related to real estate include the following additional information: (i) the phone number and email address of the settlement agent; (ii) all receipts and disbursement made on behalf of both the buyer and seller; (iii) the commission paid to any real estate agent; and (iv) the loan amount, if any. The bill further requires that all settlement statements for transactions related to real estate be signed by both the buyer and the seller and be furnished electronically upon request. The bill removes from the definition of "settlement statement" a statement prescribed by the Real Estate Settlement Procedures Act of 1974. The bill directs the Office of the Executive Secretary of the Supreme Court of Virginia, in conjunction with the Virginia State Bar, the State Corporation Commission, and the Real Estate Board, to promulgate a Uniform Settlement Statement form no later than July 1, 2017.

Settlement statements; definition, certain disclosures required.

Del. Marcus Simon [D]

Date	Chamber	Action
2016-02-16	House	Left in General Laws
2016-01-20	House	Assigned GL sub: Subcommittee #1
2016-01-13	House	Referred to Committee on General Laws
2016-01-13	House	Prefiled and ordered printed; offered 01/13/16 16103497D

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB1091
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB1091+hil