Section 120. Escrow account  


Latest version.
  • Within five banking days after the day of receipt of any money from the contract buyer and until the time the money is invested in a trust, life insurance, or annuity policy, the contract seller or the contract provider shall deposit the money into an escrow account in a bank or savings institution approved to do business in the Commonwealth.

Historical Notes

Derived from VR320-01-3 § 6.3, eff. March 1, 1991; amended, Volume 09, Issue 22, eff. August 25, 1993; Volume 11, Issue 14, eff. May 3, 1995; Volume 15, Issue 07, eff. January 20, 1999.

Statutory Authority

§§ 54.1-2400, 54.1-2803 and 54.1-2820 of the Code of Virginia.