Saturday, August 30, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB158: Wet Settlement Act; lender's disclosure of charges for appraisal and valuation.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 6.1-2.13:3 as follows:
§ 6.1-2.13:3. Disclosure of charges for appraisal or valuation using automated or other valuation mechanism.
Any lender providing a loan secured by a first deed of trust or mortgage on real estate containing not more than four residential dwelling units shall disclose on the settlement statement, as that term is defined in § 6.1-2.20, whether the borrower is being charged a fee for an appraisal prepared by a certified residential real estate appraiser, as those terms are defined in § 54.1-2009, or fee for a valuation or opinion of value of the property prepared using an automated or other mechanism prepared by a person who is not licensed as a certified residential real estate appraiser.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 6.1-2.13:3 as follows:
§ 6.1-2.13:3. Disclosure of charges for appraisal or valuation using automated or other valuation mechanism.
Any lender providing a loan secured by a first deed of trust or mortgage on real estate containing not more than four residential dwelling units shall disclose on the settlement statement, as that term is defined in § 6.1-2.20, whether the borrower is being charged for an appraisal, as that term is defined in § 54.1-2009, or a valuation using an automated or other mechanism for determining the fair market value of the property collateralizing the loan.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.