April 14, 2008
CRESPA Surety Bond Increase Enacted
If you are registered with the Virginia State Bar under the Consumer Real Estate Protection Act, (CRESPA) an amendment to § 6.1-2.21 of the Code of Virginia increasing the minimum CRESPA surety bond from $100,000 to $200,000 will be effective on July 1, 2008.
On or before July 1, 2008, all CRESPA registered settlement agents must file an original or a replacement bond with his or her licensing authority or your CRESPA registration will be revoked, and you will not be authorized to perform residential real estate closings. Attorneys should file their documents with the Virginia State Bar, title agents with the Bureau of Insurance of the State Corporation Commission, and real estate brokers with the Real Estate Board.
If you have any questions regarding this matter, please contact the appropriate licensing authority: Virginia State Bar/Membership Department (804) 775-0530; SCC/Bureau of Insurance (804) 371-9631; Department of Professional and Occupational Regulations/Real Estate Board (804) 367-8526.
updated 4/10/08; revised 4/14/08Updated: Apr 21, 2008