Bulletin: VA2008002

Date:
June 27, 2008
To:
All Virginia Issuing Offices
RE:
Legislative changes affecting title agents and agencies

Dear Associates:

The 2008 session of the Virginia legislature produced two significant changes in the law pertaining to title agents and agencies:

1. Senate Bill 149 increased the minimum amount of the required surety bond from $100,000.00 to $200,000.00. Agents must have the higher amount in place by July 1, and must provide the State Corporation Commission proof by way of a copy of an endorsement to an existing policy, or the original of any new policy. (Attorney agents must file the endorsement with the Virginia State Bar.) New agencies must file the original with the SCC with a copy to the Bar.

2. House Bill 431: Anyone seeking to become licensed as a resident title insurance agent after July 1, 2008, must first have completed 16 hours of pre-licensing education through approved programs. The courses may be taken remotely, i.e., via webinar, but may not include self-study. The applicant and instructor(s) must sign a certification, and the exam must be taken within one year of the completion of the education. As this is written, the details are still being worked out concerning providers, content, etc.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None