HB804: Consumer Real Estate Settlement Protection Act; interest on escrow accounts.

Chief Patron

Del. David Englin (D-45)

David Englin (D-45)
Alexandria, VA
Served: 2006–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

01/29/2008: Failed to Pass in Committee

View Entire History

Summary

Consumer Real Estate Settlement Protection Act; interest on escrow accounts.  Allows a settlement agent who is not an attorney to retain a portion of the interest received on funds deposited in connection with any escrow, settlement, or closing if (i) the settlement agent retains an amount not to exceed 10 percent of the interest earned on such deposits and (ii) the remainder of such interest is paid to the Department of Housing and Community Development to be used to support the statewide homeless intervention program administered by the Department .