6.2-1417 - (Effective October 1, 2010) Escrow accounts. - Virginia Statutes

§ 6.2-1417. (Effective October 1, 2010) Escrow accounts.

All moneys required by an association to be paid by borrowers in escrow todefray future taxes or insurance premiums shall be kept in accountssegregated from accounts of the association and shall not be commingled withother funds of the association. No association shall require any borrower topay any amounts in escrow to defray future taxes and insurance premiums inconnection with a loan secured by a subordinate mortgage or deed of trust asdefined in Chapter 3 (§ 6.2-300 et seq.), except where escrows for suchpurposes are not being maintained in connection with a mortgage loan superiorto such subordinate mortgage loan.

(1993, c. 419, § 6.1-237.7; 2010, c. 794.)