18 Va. Admin. Code § 65-30-170

Current through Register Vol. 40, No. 23, July 1, 2024

Section 18VAC65-30-170 - Trust accounts

If funds are to be trusted, the trust account is to be established according to provisions of §§ 54.1-2822 and 54.1-2824 of the Code of Virginia and the following information shall be disclosed in writing to the contract buyer:

1. The amount to be trusted;

2. The name of the trustee;

3. The disposition of the interest;

4. The fees, expenses, and taxes which may be deducted from the interest;

5. Whether up to 10% is retained by the contract provider; and

6. A statement of the contract buyer's responsibility for taxes owed on the interest.

18 Va. Admin. Code § 65-30-170

Derived from VR320-01-3 § 6.8, eff. March 1, 1991; amended, Virginia Register Volume 9, Issue 22, eff. August 25, 1993; Volume 11, Issue 14, eff. May 3, 1995; Volume 15, Issue 7, eff. January 20, 1999.

Statutory Authority

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