- May 06, 2004
- All Issuing Offices in West Virginia
- 2004 Legislation: Good Funds Law, Easements for Mineral rights
The 2004 Regular Session of the West Virginia Legislature provided a very important addition to Chapter 46A, the West Virginia Consumer Protection Act. Effective June 8, 2004, lenders making loans on 1-4 Family, Owner-occupied dwellings, must provide the settlement agent with "good funds" (as defined in the Act). Disbursement to the settlement agent in good funds (also known as "collected funds") must be made at or before the date of closing, or within one business day of the end of any Federal rescission period if the transaction is a refinance. Although there are some inconsistencies in the statute that may be addressed during the next legislative session, this is an effective weapon for agents to insure that their loan closings are fully funded. The section of the original bill regarding the Duty of Settlement Agent was stricken from the version that has become law. A copy of House Bill 4168 is attached.
House Bill 4166, also effective June 8, removed easements contained in mineral and gas leases from the requirement in West Virginia Code §36-3-5a that easements be described with specificity.
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.