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Financial Services Law Insights and Observations

Virginia Governor Signs Bill Amending State Consumer Real Estate Settlement Protection Act

State Issues

On February 26, Virginia Governor Timothy M. Kaine signed HB 2568, a bill that amends provisions of the state’s code relating to disclosures under the Virginia Consumer Real Estate Settlement Protection Act (the Act). The amendments make explicit that the provisions of the Act cannot be varied by agreement, and that the rights provided by the Act cannot be contractually waived. Further, sellers may not condition the sale of property by requiring the use of a particular settlement agent. The bill becomes effective July 1, 2009.