10 Va. Admin. Code § 5-80-40

Current through Register Vol. 41, No. 6, November 4, 2024

Section 10VAC5-80-40 - 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 § 55-525.20C 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.

10 Va. Admin. Code § 5-80-40

Derived from Virginia Register 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.