The settlement agent shall maintain sufficient records of its affairs so that the appropriate licensing authority may adequately ensure that the settlement agent is in compliance with all provisions of this chapter. The settlement agent shall retain records pertaining to each settlement handled for a minimum of five years after the settlement is completed. The appropriate licensing authority may prescribe the specific record entries and documents to be kept.
1997, c. 716, § 6.1-2.24; 2010, c. 794, § 55-525.27; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 10 - Real Estate Settlement Agents
§ 55.1-1001. Limitation on applicability of chapter
§ 55.1-1002. Scope of chapter; lay real estate settlement agents
§ 55.1-1003. Persons who may act as a settlement agent
§ 55.1-1004. Duties of settlement agents
§ 55.1-1005. Persons prohibited from assisting or being employed by settlement agents
§ 55.1-1006. Choice of settlement agent
§ 55.1-1009. Falsifying settlement statements prohibited
§ 55.1-1010. Separate charge for reporting transactions limited
§ 55.1-1011. Record retention requirements
§ 55.1-1012. Regulations and orders
§ 55.1-1013. Accounting by title insurance companies
§ 55.1-1015. Penalties and liabilities
§ 55.1-1015.1. Civil penalties; attorney fees
§ 55.1-1016. Confidentiality of information obtained by the Commission