Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 80. Real Estate Settlement Agent Rules

10VAC5-80-10. Definitions.

As used in this chapter:

"Affiliate" means a company the majority of the ownership interest in which is held, directly or indirectly, by a company which owns a financial institution.

"Bureau" means the State Corporation Commission Bureau of Financial Institutions.

"Company" includes natural persons and any and all types of organizations and legal entities.

"Financial institution" has the meaning set forth in § 6.2-100 of the Code of Virginia, and includes all such financial institutions authorized to do business in Virginia under Virginia or federal law.

"Party to the real estate transaction" (party) and "settlement agent" have the meanings set forth in § 55-525.16 of the Code of Virginia.

"Subsidiary" means a company the majority of the ownership interest in which is held, directly or indirectly, by a financial institution.

Statutory Authority

§ 55-525.20 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 13, Issue 25, eff. September 1, 1997; amended, Volume 28, Issue 20, eff. June 1, 2012.

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