Virginia passed a bill amending dual capacity disclosure requirements for mortgage brokers licensed under the Mortgage Lender and Broker Act. Under the bill, a dual capacity disclosure is no longer required if a person affiliated with a mortgage broker also acts as a real estate broker with respect to the property securing the mortgage loan. In addition, the bill amends the language that must be included in the dual capacity disclosure. The bill becomes effective July 1, 2022.
Click to view the VA HB 1153: https://www.tenaco.com/wp-content/uploads/2022/04/VA-HB-1153-04-12-22.pdf
