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VA Senate Bill 745

Legislation

State: Virginia
Signed: July 01, 2007

Effective: July 01, 2007
Chapter: 898

Summary

Senate Bill 745 toughens the qualifications for licensure as a settlement agent by ruling out felons who haven’t had their rights restored or their conviction vacated.

Affects

Amends Section 6.1-2.21 of the Code of Virginia.

Changes
  1. Prohibits a Notary Signing Agent or any other person from acting as a settlement agent if that person has been convicted of a felony and has not had his or her rights restored or the conviction vacated.
  2. Prohibits a person who has been convicted of a felony involving fraud, deceit or misrepresentation from assisting a settlement agent in the performance of escrow, closing or settlement services involving the receipt or disbursement of funds from real estate settlements, and prohibits a settlement agent from employing 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.
Analysis

In Virginia, Notary Signing Agents who handle funds at a real property closing must be licensed as a settlement agent. Senate Bill 745 toughens the qualifications for licensure by ruling out felons who haven’t had their rights restored or their conviction vacated. This new qualification was also enacted as a Notary application requirement earlier in the year as part of House Bill 2058, so while it may be new to settlement agents, it is not new to Notaries.

Read Senate Bill 745.

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