Section 40. Escrow accounts and audits

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 § 55-525.20 C 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.

Historical Notes

Derived from Volume 13, Issue 25, eff. September 1, 1997; amended, Volume 28, Issue 20, eff. June 1, 2012.

Statutory Authority

§ 55-525.20 of the Code of Virginia.