Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 80 - REAL ESTATE SETTLEMENT AGENT RULES
Section 10VAC5-80-40 - Escrow accounts and audits

Universal Citation: 0 VA Admin Code 5-80-40
Current through Register Vol. 41, No. 3, September 23, 2024

All funds received by a financial institution or financial institution subsidiary or affiliate, in the company's capacity of settlement agent and intended for distribution in whole or part to others, shall be deposited in a separate escrow account maintained in a bank, savings institution or credit union authorized to conduct business in Virginia. The company shall have the escrow account audited annually as provided in § 55-525.20C of the Code of Virginia and conforming to the American Institute of Certified Public Accountants, Statement on Auditing Standards, Special Reports, and shall file a copy of the audit report with the bureau promptly.

Statutory Authority

§ 55-525.20 of the Code of Virginia.

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