Real estate settlement agents; adds to provisions relating to agents, 'closing disclosure.' (SB204)

Introduced By

Sen. Richard Stuart (R-Westmoreland)

Progress

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

Description

Real estate settlement agents. Adds to provisions relating to real estate settlement agents a new term, "closing disclosure," defined in the bill as the combined mortgage loan disclosure statement of final loan terms and closing costs prescribed under the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.), Regulation X (12 U.S.C. 1024 et seq.), and Regulation Z (12 U.S.C. 1026 et seq.), to comply with changes made by the federal Consumer Financial Protection Bureau to the real estate closing process. The bill also makes the settlement agent's registration fee nonfundable. The bill removes the requirement of the Bureau of Insurance to notify the Virginia State Bar to terminate a settlement agent's registration upon termination of his last appointment because the Bureau and not the Virginia State Bar administers the licensing process. Read the Bill »

Status

04/01/2016: signed by governor

History

DateAction
01/05/2016Prefiled and ordered printed; offered 01/13/16 16101551D
01/05/2016Referred to Committee for Courts of Justice
01/10/2016Impact statement from SCC (SB204)
01/18/2016Rereferred from Courts of Justice (14-Y 0-N) (see vote tally)
01/18/2016Rereferred to Commerce and Labor
02/01/2016Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/01/2016Committee substitute printed 16104516D-S1
02/03/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/04/2016Read second time
02/04/2016Reading of substitute waived
02/04/2016Committee substitute agreed to 16104516D-S1
02/04/2016Engrossed by Senate - committee substitute SB204S1
02/05/2016Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/05/2016Impact statement from SCC (SB204S1)
02/11/2016Placed on Calendar
02/11/2016Read first time
02/11/2016Referred to Committee on General Laws
02/17/2016Assigned GL sub: Subcommittee #1
02/25/2016Subcommittee recommends reporting (7-Y 0-N)
03/01/2016Reported from General Laws (21-Y 0-N) (see vote tally)
03/03/2016Read second time
03/04/2016Read third time
03/04/2016Passed by for the day
03/07/2016Passed by for the day
03/08/2016Read third time
03/08/2016Passed House (97-Y 0-N)
03/08/2016VOTE: PASSAGE (97-Y 0-N) (see vote tally)
03/09/2016Enrolled
03/09/2016Bill text as passed Senate and House (SB204ER)
03/09/2016Signed by Speaker
03/10/2016Signed by President
03/11/2016G Governor's Action Deadline Midnight, Monday, April 11, 2016
03/11/2016Enrolled Bill Communicated to Governor on 3/11/16
03/11/2016G Governor's Action Deadline Midnight, Sunday, April 10, 2016
03/11/2016Impact statement from SCC (SB204ER)
04/01/2016G Approved by Governor-Chapter 619 (effective 7/1/16)
04/01/2016G Acts of Assembly Chapter text (CHAP0619)