SB 158 Wet Settlement Act; lender’s disclosure of charges for appraisal and valuation. Sponsor: A. Donald McEachin
Wet settlement act; lender’s disclosure of appraisal information. Requires any lender providing a loan secured by a first mortgage on real estate containing not more than four residential dwelling units to disclose on the settlement statement any fee charged to the borrower for an appraisal and any fee charged to the borrower for a valuation or opinion of value prepared using an automated or other mechanism prepared by a person who is not licensed as an appraiser.
HB 1098 Wet Settlement Act; adds to definition of settlement. Sponsor: Mark D. Sickles
Wet Settlement Act. Provides that a determination by a settlement agent that prerecordation conditions in a real estate purchase contract have been satisfied shall not control the rights and obligations of the parties under the contract.