Posted by Mary on 8/5/05 2:47pm
Msg #57184

Virginia Licensing Requirements

Can someone clarify whether or not a notary in Virginia needs needs to be licensed by the Virginia Bureau of Insurance? I have been a notary for a while and have been considering becoming a "signing agent" - but I have heard that there might be new requirements. Any clarifying information is greatly appreciated.

Reply by newlysmomva on 8/5/05 3:15pm
Msg #57190

I'm a notary, but I'm also a title agent, so I am registered with BOI. Also with bar as closing agent. I've not read anything in the notary regs to that effect but you might want to check with the bar assn. I think anyone doing closings is supposed to be registered for CRESPA, but then again I might be wrong...won't be the first time. I'll be interested in seeing what you find out.

Reply by VA_Notary on 8/5/05 5:14pm
Msg #57233

I know they are trying to push the notaries to do their title insurance certification as often times there are funds involved in the closings. But this has not been implemented completely.

Reply by JAMES on 8/5/05 5:58pm
Msg #57236

In Virginia you must be CRESPA certified to take any funds from the table. If no funds are involved then you are ok. If closing costs are due then you must be CRESPA certified via the VA State Bar to take the check. To be CRESPA certified you must be an attorney, broker or title insurance agent, have a $100,.000 bond and $250,000 E&O insurance. Also this is not a new requirement. CRESPA became law in Virginia in either 1997 or 1998. Go to Google and type CRESPA you will get all of the info. If you take any type of funds from the closing table without CRESPA certification it is illegal.

Reply by newlysmomva on 8/8/05 7:48am
Msg #57526

So if you are signing only, you are legal as doing a closing as a Notary? I don't think the Bar will let that get too widespread in Va without some kind of change. They want their piece of the pie and get to track who is getting the closings. Do they require Notaries doing signings to have E & O?

Reply by Mary on 8/8/05 7:14pm
Msg #57716

Thank you all for your input. Sure sounds like a gray area. I am looking into getting licensed - it can't hurt career wise for me and might open some doors. Thanks.

Reply by JAMES on 8/8/05 9:06pm
Msg #57739

Mary there is really nothing gray about it. If you are not CRESPA certified you can not collect a check for the closing. Otherwise you can do a closing so long as no check is collected. This has been Virginia law since 1997. Google CRESPA.

Reply by newlysmomva on 8/9/05 8:15am
Msg #57799

Here's a question I would like to know. If, in Virginia, you are a licensed title agent with E & O that covers doing closings and are registered with the bar, does the E & O cover notary only closings?
There was an atty. in town who was doing notary only closings in his office for $100.00 and had about one a week. He has since had a stroke and retired. I was thinking about trying to pick up the business (Especially since my "friend" lawyers waltzed into my office about 6 weeks ago and wanted to be my "Partners" and I told them I wasn't interested. They have since stopped sending me business. I'm hurting.)