- June 27, 2008
- All Virginia Issuing Offices
- Legislative changes affecting title agents and agencies
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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