A title insurance company domiciled in the Commonwealth or acting in the capacity of a settlement agent pursuant to this chapter shall account for funds held and income derived from escrow, closing, or settlement services in accordance with the applicable instructions of, and the accounting practices and procedures manuals adopted by, the Association when filing the annual statements and reports required under Chapter 13 (§ 38.2-1300 et seq.) of Title 38.2.
1997, c. 716, § 6.1-2.25; 2004, cc. 336, 597; 2010, c. 794, § 55-525.29; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 10 - Real Estate Settlement Agents
§ 55.1-1001. Limitation on applicability of chapter
§ 55.1-1002. Scope of chapter; lay real estate settlement agents
§ 55.1-1003. Persons who may act as a settlement agent
§ 55.1-1004. Duties of settlement agents
§ 55.1-1005. Persons prohibited from assisting or being employed by settlement agents
§ 55.1-1006. Choice of settlement agent
§ 55.1-1009. Falsifying settlement statements prohibited
§ 55.1-1010. Separate charge for reporting transactions limited
§ 55.1-1011. Record retention requirements
§ 55.1-1012. Regulations and orders
§ 55.1-1013. Accounting by title insurance companies
§ 55.1-1015. Penalties and liabilities
§ 55.1-1015.1. Civil penalties; attorney fees
§ 55.1-1016. Confidentiality of information obtained by the Commission