SB 667
Relating to settlement definitions for real estate transactions
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill clarifies and updates the definitions used in the West Virginia Good Funds Settlement Act, specifically concerning the roles and responsibilities of settlement agents during real estate transactions and loan closings. It expands the types of acceptable forms of disbursement for loan funds and clarifies the definition of a ‘loan closing.’ The bill also defines key terms such as ‘collected funds,’ ‘disbursement of settlement proceeds,’ and ‘parties’ involved in the settlement process.
Key provisions
- Defines ‘collected funds’ or ‘good funds’ as moneys used to fund settlement proceeds.
- Expands the acceptable forms of disbursement for ‘loan funds’ to include various checks and financial instruments.
- Clarifies the definition of a ‘loan closing’ as the time of document execution and delivery.
- Defines ‘loan documents’ as the note, deed of trust, or mortgage securing the debt.
- Specifies that a ‘settlement agent’ must be a licensed attorney or have access to one.
- Adds a provision allowing for personal checks up to $5,000 per loan closing.
- Defines ‘disbursement of settlement proceeds’ as the payment of transaction proceeds to the entitled parties.
- Provides a definition of ‘parties’ involved in a real estate transaction.
Who is affected
- Real estate buyers and sellers
- Lenders
- Real estate brokers
- Attorneys
- Settlement agents
Notable changes
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