Section 400. Escrow accounts

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All money received by a licensee for races that require nominating, sustaining, entry, or starting fees must be placed in interest bearing escrow accounts, and all accrued interest must be added to these races if: (i) the total fees received for the race exceed $15,000; or (ii) fees are due and payable for the race more than 180 days in advance of the advertised date of the running of the race.

Historical Notes

Derived from VR662-01-02 § 4.6, eff. Volume 06, Issue 13, eff. April 25, 1990.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

                    
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