reglab/housing_qa huggingface dataset:
VA Code § 55.1-801 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 8 - Exchange Facilitators Act|§ 55.1-801. Change in control

An exchange facilitator shall notify all existing exchange clients whose relinquished property is located in the Commonwealth, or whose replacement property held under a Qualified Exchange Accommodation Agreement is located in the Commonwealth, of any change in control of the exchange facilitator. Such notification shall be made to the exchange facilitator's clients within 10 business days following the effective date of such change in control either by facsimile or email transmission, or by first-class mail, and by posting such notice of change in control on the exchange facilitator's website, if any, for a period ending not sooner than 90 days after the change in control. Such notification shall set forth the name, address, and other contact information of the transferees. Notwithstanding the above, if the exchange facilitator is a publicly traded company and remains a publicly traded company after a change in control, the publicly traded company shall not be required to notify its existing clients of such change in control.2010, c. 409, § 55-525.2; 2019, c. 712.
VA Code § 55.1-802 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 8 - Exchange Facilitators Act|§ 55.1-802. Separately identified accounts, or qualified escrows or qualified trusts

A. An exchange facilitator at all times shall:1. Deposit the exchange funds in a deposit account that is a separately identified account, as defined in Treasury Regulation § 1.468B-6(c)(ii), and provide that any withdrawals from such separately identified account require the written authorization of the exchange client and written acknowledgment of the exchange facilitator. Authorization for withdrawals may be delivered by any commercially reasonable means, including (i) the exchange client's delivery to the exchange facilitator of the exchange client's authorization to disburse exchange funds and the exchange facilitator's delivery to the financial institution of the exchange facilitator's authorization to disburse exchange funds or (ii) delivery to the financial institution of both the exchange client's and the exchange facilitator's authorizations to disburse exchange funds; or2. Deposit the exchange funds in a deposit account that is a qualified escrow or qualified trust as those terms are defined under Treasury Regulation § 1.1031(k)-1(g)(3).B. The deposit account shall be with a financial institution, and the interest earned on such account shall accrue to the parties as provided in a written agreement between the exchange facilitator and the exchange client. However, the exchange client may expressly direct the exchange facilitator in writing to invest the exchange proceeds in an investment of the exchange client's choice, provided that the exchange facilitator provides written acknowledgment back to the exchange client that includes a confirmation of how the exchange proceeds will be invested.2010, c. 409, § 55-525.3; 2019, c. 712.
VA Code § 55.1-803 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 8 - Exchange Facilitators Act|§ 55.1-803. Errors and omissions insurance; cash or letters of credit

A. An exchange facilitator at all times shall:1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.2010, c. 409, § 55-525.4; 2019, c. 712.
VA Code § 55.1-804 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 8 - Exchange Facilitators Act|§ 55.1-804. Accounting for moneys and property

A. Every exchange facilitator shall hold all property related to the exchange client, including the exchange funds, other property, and other consideration or instruments received by the exchange facilitator, on behalf of the client, except funds received as the exchange facilitator's compensation. Exchange funds shall be held in accordance with the requirements of § 55.1-802.B. An exchange facilitator shall not:1. Commingle exchange funds with the operating accounts of the exchange facilitator; or2. Lend or otherwise transfer exchange funds to any person or entity affiliated with or related (as described in Internal Revenue Code § 267(b) or 707(b)) to the exchange facilitator, except that this subsection shall not apply to a transfer or loan made to a financial institution that is the parent of or related to the exchange facilitator or to a transfer from an exchange facilitator to an EAT as required under the exchange contract.C. Exchange funds are not subject to execution or attachment on any claim against the exchange facilitator. An exchange facilitator shall not keep or cause to be kept any money in any financial institution under any name designating the money as belonging to an exchange client of the exchange facilitator unless the money equitably belongs to the exchange client and was actually entrusted to the exchange facilitator by the exchange client.2010, c. 409, § 55-525.5; 2019, c. 712.
VA Code § 55.1-805 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 8 - Exchange Facilitators Act|§ 55.1-805. Prohibited acts

A. A person who engages in the business of an exchange facilitator is prohibited from:1. Making any material misrepresentations concerning any exchange facilitator transaction that are intended to mislead another;2. Pursuing a continued course of misrepresentation or making false statements through advertising or otherwise;3. Failing, within a reasonable time, to account for any moneys or property belonging to others that may be in the possession or under the control of the exchange facilitator;4. Engaging in any conduct constituting fraudulent or dishonest dealings;5. Committing any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery, or other theft of property;6. Materially failing to fulfill its contractual duties to the exchange client to deliver property or funds to the exchange client unless such failure is due to circumstances beyond the control of the exchange facilitator; or7. Materially violating any of the provisions of this chapter.B. A person who is an owner, officer, director, or employee of an exchange facilitator is prohibited from committing any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery, or other theft of property; however, the commission of such crime by an officer, director, or employee of an exchange facilitator shall not be considered a violation of this chapter if the employment or appointment of such officer, director, or employee has been terminated and no clients of the exchange facilitator were harmed or full restitution has been made to all harmed clients within a reasonable period of time.2010, c. 409, § 55-525.6; 2019, c. 712.
VA Code § 55.1-806 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 8 - Exchange Facilitators Act|§ 55.1-806. Penalty; attorney fees

A. In any action brought under this chapter, if a court finds that a person has willfully engaged in an act or practice in violation of this chapter, the Attorney General, the attorney for the Commonwealth, or the attorney for the locality may recover for the Literary Fund, upon petition to the court, a civil penalty of not more than $2,500 per violation. For purposes of this section, prima facie evidence of a willful violation may be shown when the Attorney General, the attorney for the Commonwealth, or the attorney for the locality notifies the alleged violator by certified mail that an act or practice is a violation of this chapter and the alleged violator, after receipt of the notice, continues to engage in the act or practice.B. In any action brought under this chapter, the Attorney General, the attorney for the Commonwealth, or the attorney for the locality may recover costs and reasonable expenses incurred by the state or local agency in investigating and preparing the case, and attorney fees.2010, c. 409, § 55-525.7; 2019, c. 712.
VA Code § 55.1-901 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 9 - Real Estate Settlements|§ 55.1-901. Applicability; effect of noncompliance

A. This chapter applies only to transactions involving loans that (i) are made by lenders and (ii) will be secured by first deeds of trust or mortgages on real estate containing not more than four residential dwelling units.B. Failure to comply with the provisions of this chapter shall not affect the validity or enforceability of any loan documents.1980, c. 730, §§ 6.1-2.11, 6.1-2.14; 1993, c. 530; 2010, c. 794, § 55-525.9; 2019, c. 712.
VA Code § 55.1-902 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 9 - Real Estate Settlements|§ 55.1-902. Duty of lender

The lender shall, at or before loan closing, cause disbursement of loan funds to the settlement agent. In the case of a refinancing or any other loan where a right of rescission applies, the lender shall, within one business day after the expiration of the rescission period required under the federal Truth in Lending Act (15 U.S.C. § 1601 et seq.), cause disbursement of loan funds to the settlement agent. The lender shall not be entitled to receive or charge any interest on the loan until disbursement of loan funds and loan closing has occurred.1980, c. 730, § 6.1-2.12; 1993, c. 530; 2010, c. 794, § 55-525.10; 2019, c. 712.
VA Code § 55.1-903 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 9 - Real Estate Settlements|§ 55.1-903. Duty of settlement agent

The settlement agent shall cause recordation of the deed, the deed of trust, or the mortgage or other documents required to be recorded and shall cause disbursement of settlement proceeds within two business days of settlement. A settlement agent may not disburse any or all loan funds or other funds coming into its possession prior to the recordation of any instrument except (i) funds received that are overpayments to be returned to the provider of such funds, (ii) funds necessary to effect the recordation of instruments, or (iii) funds that the provider has by separate written instrument directed to be disbursed prior to recordation of any instrument. Additionally, in any transaction involving the purchase or sale of an interest in residential real property, the settlement agent shall provide notification to the purchaser of the availability of owner's title insurance as required under § 38.2-4616.1980, c. 730, § 6.1-2.13; 1987, c. 576; 1992, c. 733; 1996, c. 883; 2010, c. 794, § 55-525.11; 2019, c. 712.
VA Code § 55.1-905 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 9 - Real Estate Settlements|§ 55.1-905. Disclosure of affiliated business by settlement service providers

Any person making a referral to an affiliated settlement service provider shall disclose the affiliation in accordance with the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.). Such disclosure shall be provided regardless of the amount of the person's actual ownership interest in the affiliated provider. However, if the person's ownership interest is one percent or less of the capital stock of a corporation or entity with a class of securities registered under the federal Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.), the disclosure shall not be required. If the person's ownership interest is greater than one percent, then the disclosure shall include the percentage of ownership, or, if the person making the referral owns more than 50 percent of the affiliated business, the disclosure shall state that the settlement service provider is a subsidiary of the person making the referral.1999, c. 688, § 6.1-2.13:2; 2010, c. 794, § 55-525.13; 2011, c. 82; 2019, c. 712.
VA Code § 55.1-906 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 9 - Real Estate Settlements|§ 55.1-906. 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 or closing disclosure, as those terms are defined in § 55.1-1000, any fee charged to the borrower for an appraisal, as that term is defined in § 54.1-2009, and any fee charged to the borrower 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 an appraiser under Chapter 20.1 (§ 54.1-2009 et seq.) of Title 54.1.2008, c. 400, § 6.1-2.13:3; 2010, c. 794, § 55-525.14; 2016, c. 619; 2019, c. 712.
VA Code § 55.1-907 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 9 - Real Estate Settlements|§ 55.1-907. Penalty

Any persons suffering losses due to the failure of the lender or the settlement agent to cause disbursement as required by this chapter shall be entitled to recover, in addition to other actual damages, double the amount of any interest collected in violation of § 55.1-902 plus reasonable attorney fees incurred in the collection of such damages and interest.1980, c. 730, § 6.1-2.15; 2010, c. 794, § 55-525.15; 2019, c. 712.
VA Code § 55.1-1001 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1001. Limitation on applicability of chapter

Nothing in this chapter shall be construed to prevent a person licensed under Chapter 21 (§ 54.1-2100 et seq.) of Title 54.1, or such licensee's employees or independent contractors, from performing escrow, closing, or settlement services to facilitate the settlement of a transaction in which the licensee is involved without complying with the provisions of this chapter, so long as the licensee, the licensee's employees, or independent contractors are not named as the settlement agent on the settlement statement or closing disclosure and the licensee is otherwise not prohibited from performing such services by law or regulation.1997, c. 716, § 6.1-2.19; 1998, cc. 69, 162, 736; 1999, c. 647, § 6.1-2.30; 2010, c. 794, § 55-525.17; 2016, c. 619; 2019, c. 712.
VA Code § 55.1-1002 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1002. Scope of chapter; lay real estate settlement agents

A. Except as provided in subsection B, this chapter applies only to transactions involving the purchase of or lending on the security of real estate located in the Commonwealth containing not more than four residential dwelling units.B. Notwithstanding any rule of court or other provision of this chapter to the contrary:1. A lay real estate settlement agent may provide escrow, closing, and settlement services for any real property located within the Commonwealth, and receive compensation for such services, provided that he is registered pursuant to and is in compliance with the provisions of this chapter with the exception of subsection A; and2. A party to a real estate transaction involving the purchase of or lending on the security of real estate located in the Commonwealth containing more than four residential dwelling units shall have the same authority as a party to a real estate transaction as is provided pursuant to subsection B of § 55.1-1003.1997, c. 716, § 6.1-2.19; 1998, cc. 69, 162, 736; 1999, c. 647, § 6.1-2.32; 2010, c. 794, § 55-525.18; 2019, c. 712.
VA Code § 55.1-1003 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1003. Persons who may act as a settlement agent

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; or6. 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.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, § 55-525.19; 2019, c. 712.
VA Code § 55.1-1005 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1005. Persons prohibited from assisting or being employed by settlement agents

A. A person who has been convicted of a felony involving fraud, deceit, or misrepresentation shall not assist a settlement agent in the performance of escrow, closing, or settlement services involving the receipt or disbursement of funds from real estate settlements in the Commonwealth.B. A settlement agent shall not employ a person who has been convicted of a felony involving fraud, deceit, or misrepresentation in an administrative or clerical capacity that involves the receipt or disbursement of funds from real estate settlements in the Commonwealth.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, § 55-525.21; 2019, c. 712.
VA Code § 55.1-1006 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1006. Choice of settlement agent

A purchaser or borrower in a transaction related to real estate in the Commonwealth shall have the right to select the settlement agent to provide escrow, closing, or settlement services in connection with the transaction. The seller in such a transaction may not require the use of a particular settlement agent as a condition of the sale of the property.2009, c. 140, § 6.1-2.21:1; 2010, c. 794, § 55-525.22; 2019, c. 712.
VA Code § 55.1-1007 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1007. Disclosure

All contracts involving the purchase of real estate containing not more than four residential dwelling units shall include in at least 10-point boldface type the following language:"Choice of Settlement Agent: Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia provides that the purchaser or borrower has the right to select the settlement agent to handle the closing of this transaction. The settlement agent's role in closing this transaction involves the coordination of numerous administrative and clerical functions relating to the collection of documents and the collection and disbursement of funds required to carry out the terms of the contract between the parties. If part of the purchase price is financed, the lender for the purchaser will instruct the settlement agent as to the signing and recording of loan documents and the disbursement of loan proceeds. No settlement agent can provide legal advice to any party to the transaction except a settlement agent who is engaged in the private practice of law in Virginia and who has been retained or engaged by a party to the transaction for the purpose of providing legal services to that party."Variation by agreement: The provisions of Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia may not be varied by agreement, and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sale of the property."Escrow, closing, and settlement services guidelines: The Virginia State Bar issues guidelines to help settlement agents avoid and prevent the unauthorized practice of law in connection with furnishing escrow, settlement, or closing services. As a party to a real estate transaction, the purchaser or borrower is entitled to receive a copy of these guidelines from his settlement agent, upon request, in accordance with the provisions of Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 of the Code of Virginia."1997, c. 716, § 6.1-2.22; 2009, c. 140; 2010, c. 794, § 55-525.23; 2019, c. 712.
VA Code § 55.1-1009 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1009. Falsifying settlement statements prohibited

No settlement agent shall intentionally make any materially false or misleading statement or entry on a settlement statement or closing disclosure. An estimate of charges made in good faith by a settlement agent, and indicated as such on the settlement statement or closing disclosure, shall not be deemed to be a violation of this section.2000, c. 549, § 6.1-2.23:1; 2010, c. 794, § 55-525.25; 2016, c. 619; 2019, c. 712.
VA Code § 55.1-1009.1 (2021)
2021 Code of Virginia|Title 55.1 - Property and Conveyances|Chapter 10 - Real Estate Settlement Agents|§ 55.1-1009.1. Prohibition against payment or receipt of settlement services kickbacks, rebates, commissions, and other payments

A. No person selling real property, or performing services as a settlement agent, lay real estate settlement agent, real estate agent, attorney, or lender incident to any real estate settlement or sale, shall pay or receive, directly or indirectly, any kickback, rebate, commission, thing of value, or other payment pursuant to any agreement or understanding, oral or otherwise, that business incident to services required to complete a settlement be referred to any person.B. Nothing in this section shall be construed to prohibit:1. Expenditures for bona fide advertising and marketing promotions otherwise permissible under the provisions of the federal Real Estate Settlement Procedures Act (12 U.S.C. § 2601 et seq.);2. The provision of educational materials or classes, if such materials or classes are provided to a group of persons or entities pursuant to a bona fide marketing or educational effort;3. The payment to any person of a bona fide salary or compensation or other payment for services actually performed for the business of the settlement service provider; or4. An employer's payment to its own bona fide employees for referrals of mortgage loan or insurance business. An employer's payment to its own employees for the referral of insurance business shall be subject to the requirements of subdivision B 8 of § 38.2-1821.1.C. No person shall be in violation of this section solely by reason of ownership in a settlement service provider, where such person receives returns on investments arising from the ownership interest, provided that such person discloses in writing to the consumer an ownership interest in those settlement services, including its ownership percentage in the settlement service provider pursuant to the requirements of § 55.1-905.2020, c. 700.