This bill seeks to amend the definition of "Settlement Agent" within the West Virginia Good Funds Settlement Act. The new language specifies that a settlement agent must be a licensed attorney or have access to a licensed attorney during any loan closing or settlement process. This change aims to clarify the qualifications required for individuals acting as settlement agents in real estate transactions, ensuring that legal expertise is available during these processes.

Additionally, the bill includes various definitions related to real estate transactions, such as "collected funds," "disbursement of loan funds," and "loan closing," which outline the procedures and parties involved in the settlement process. The amendments are intended to enhance the clarity and effectiveness of the settlement process, thereby protecting the interests of all parties involved in real estate transactions in West Virginia.

Statutes affected:
Introduced Version: 46A-6K-2