CODE OF VIRGINIA

PERSONS WHO MAY ACT AS A SETTLEMENT AGENT (§ 55-525.19)

A. A person shall not act in the capacity of a settlement agent, and a lender,
seller, purchaser or borrower may not contract with any person to act in the
capacity of a settlement agent, with respect to real estate settlements in the
Commonwealth unless the person has not been convicted of a felony, unless such
person has had his civil rights restored by the Governor or been granted a writ
of actual innocence, and is either:

   1.  Licensed as an attorney under Chapter 39 (§ 54.1-3900 et seq.) of Title
   54.1;

   2.  Licensed as a title insurance company under Title 38.2;

   3.  Licensed as a title insurance agent under Title 38.2 and is appointed by a
   title insurance company licensed in the Commonwealth pursuant to Chapter 18
   (§ 38.2-1800 et seq.) of Title 38.2;

   4.  Licensed as a real estate broker under Chapter 21 (§ 54.1-2100 et seq.)
   of Title 54.1;

   5.  A financial institution authorized to do business in the Commonwealth
   under any of the provisions of Title 6.2 or under federal law; or

   6.  A subsidiary or affiliate of a financial institution described in
   subdivision 5.Any person described in subdivisions 1 through 6, not acting in
   the capacity of a settlement agent, shall not be subject to the provisions of
   this chapter.

B. Notwithstanding any rule of court to the contrary, a settlement agent
operating in compliance with the requirements of this chapter or a party to the
real estate transaction may provide escrow, closing, or settlement services and
receive compensation for such services.

HISTORY: 1997, c. 716, § 6.1-2.21; 1998, c. 69; 2000, c. 549; 2002, c. 464;
2007, c. 898; 2008, c. 92; 2010, c. 794.