Bill Text: VA HB123 | 2016 | Regular Session | Chaptered
Bill Title: Real estate loans; disclosure of terms of mortgage application.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-03-11 - Governor: Acts of Assembly Chapter text (CHAP0328) [HB123 Detail]
Download: Virginia-2016-HB123-Chaptered.html
Be it enacted by the General Assembly of Virginia: 1. That §6.2-406 of the Code of Virginia is amended and reenacted as follows: §6.2-406. Disclosure of terms of mortgage application. A. Any lender making, or broker arranging, loans secured by a first mortgage or first deed of trust on owner occupied residential real estate consisting of one- to four-family dwelling units shall provide, at the time an application for such a loan is submitted by a loan applicant, to the loan applicant a written statement that: 1. Describes when 2.
B. The requirements of subsection A shall not apply to any lender making 10 or fewer loans secured by a first mortgage or first deed of trust on such owner occupied residential real estate in any 12-month period. |