55-248.7:1 - Prepaid rent; maintenance of escrow account - Virginia Statutes

§ 55-248.7:1. Prepaid rent; maintenance of escrow account.

A tenant may offer and a landlord may accept prepaid rent. If a landlordreceives prepaid rent, it shall be placed in an escrow account in a federallyinsured depository in Virginia by the end of the fifth business day followingreceipt and shall remain in the account until such time as the prepaid rentbecomes due. Unless the landlord has otherwise become entitled to receive anyportion of the prepaid rent, it shall not be removed from the escrow accountrequired by this section without the written consent of the tenant.

(2002, c. 531.)