Real estate settlement; choice of settlement service provider. (HB1028)

Introduced By

Del. Kelly Fowler (D-Virginia Beach) with support from co-patrons Del. Wendy Gooditis (D-Clarke), and Del. Marcus Simon (D-Falls Church)

Progress

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

Description

Real estate settlement; choice of settlement service provider. Provides that a purchaser or borrower in a transaction related to real estate in the Commonwealth shall have the right to select the settlement agent, mortgage lender or broker, and any other vendor associated with the financing or settlement of such real estate. Currently, such right is limited to the choice of settlement agent. The bill also prohibits the seller or any other party associated with a real estate transaction from requiring the use of, or offering anything of value for the use of, a particular mortgage lender or broker or any other vendor as a condition of the sale. Amends § 55-525.22, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2018Committee
01/09/2018Prefiled and ordered printed; offered 01/10/18 18102638D
01/09/2018Referred to Committee on General Laws
01/25/2018Impact statement from SCC (HB1028)
01/26/2018Assigned GL sub: Subcommittee #2
02/08/2018Subcommittee recommends continuing to 2019
02/13/2018Left in General Laws