{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-1013.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-1013.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-1013.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-1013.html"}],"law_id":59279,"edition_id":1,"section_id":59279,"structure_id":15275,"section_number":"55.1-1013","catch_line":"Accounting by title insurance companies","history":"1997, c. 716, \u00a7 6.1-2.25; 2004, cc. 336, 597; 2010, c. 794, \u00a7 55-525.29; 2019, c. 712.","full_text":"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 (\u00a7 38.2-1300 et seq.) of Title 38.2.","order_by":null,"text":{"0":{"id":217276,"text":"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 (\u00a7 38.2-1300 et seq.) of Title 38.2.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15275,"edition_id":1,"name":"Real Estate Settlement Agents","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":13524,"metadata":{},"date_created":"2026-06-26 03:53:31","date_modified":"2026-06-26 03:53:31","permalink":{"id":245371,"object_type":"structure","relational_id":15275,"identifier":"10","token":"55.1\/II\/10","url":"\/55.1\/II\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13524,"edition_id":1,"name":"Real Estate Settlements and Recordation","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":245369,"object_type":"structure","relational_id":13524,"identifier":"II","token":"55.1\/II","url":"\/55.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":80642,"structure_id":15275,"section_number":"55.1-1000","catch_line":"Definitions","url":"\/55.1-1000\/","token":"55.1\/II\/10\/55.1-1000","metadata":false},{"id":83132,"structure_id":15275,"section_number":"55.1-1001","catch_line":"Limitation on applicability of chapter","url":"\/55.1-1001\/","token":"55.1\/II\/10\/55.1-1001","metadata":false},{"id":79138,"structure_id":15275,"section_number":"55.1-1002","catch_line":"Scope of chapter; lay real estate settlement agents","url":"\/55.1-1002\/","token":"55.1\/II\/10\/55.1-1002","metadata":false},{"id":77232,"structure_id":15275,"section_number":"55.1-1003","catch_line":"Persons who may act as a settlement agent","url":"\/55.1-1003\/","token":"55.1\/II\/10\/55.1-1003","metadata":false},{"id":68373,"structure_id":15275,"section_number":"55.1-1004","catch_line":"Duties of settlement agents","url":"\/55.1-1004\/","token":"55.1\/II\/10\/55.1-1004","metadata":false},{"id":69907,"structure_id":15275,"section_number":"55.1-1005","catch_line":"Persons prohibited from assisting or being employed by settlement agents","url":"\/55.1-1005\/","token":"55.1\/II\/10\/55.1-1005","metadata":false},{"id":73624,"structure_id":15275,"section_number":"55.1-1006","catch_line":"Choice of settlement agent","url":"\/55.1-1006\/","token":"55.1\/II\/10\/55.1-1006","metadata":false},{"id":58611,"structure_id":15275,"section_number":"55.1-1007","catch_line":"Disclosure","url":"\/55.1-1007\/","token":"55.1\/II\/10\/55.1-1007","metadata":false},{"id":58141,"structure_id":15275,"section_number":"55.1-1008","catch_line":"Conditions for providing escrow, closing, or settlement services and for maintaining escrow accounts","url":"\/55.1-1008\/","token":"55.1\/II\/10\/55.1-1008","metadata":false},{"id":82868,"structure_id":15275,"section_number":"55.1-1009","catch_line":"Falsifying settlement statements prohibited","url":"\/55.1-1009\/","token":"55.1\/II\/10\/55.1-1009","metadata":false},{"id":72074,"structure_id":15275,"section_number":"55.1-1009.1","catch_line":"Prohibition against payment or receipt of settlement services kickbacks, rebates, commissions, and other payments","url":"\/55.1-1009.1\/","token":"55.1\/II\/10\/55.1-1009.1","metadata":false},{"id":69513,"structure_id":15275,"section_number":"55.1-1010","catch_line":"Separate charge for reporting transactions limited","url":"\/55.1-1010\/","token":"55.1\/II\/10\/55.1-1010","metadata":false},{"id":84855,"structure_id":15275,"section_number":"55.1-1011","catch_line":"Record retention requirements","url":"\/55.1-1011\/","token":"55.1\/II\/10\/55.1-1011","metadata":false},{"id":71946,"structure_id":15275,"section_number":"55.1-1012","catch_line":"Regulations and orders","url":"\/55.1-1012\/","token":"55.1\/II\/10\/55.1-1012","metadata":false},{"id":59279,"structure_id":15275,"section_number":"55.1-1013","catch_line":"Accounting by title insurance companies","url":"\/55.1-1013\/","token":"55.1\/II\/10\/55.1-1013","metadata":false},{"id":70071,"structure_id":15275,"section_number":"55.1-1014","catch_line":"Settlement agent registration requirements and compliance with unauthorized practice of law guidelines; civil penalty","url":"\/55.1-1014\/","token":"55.1\/II\/10\/55.1-1014","metadata":false},{"id":65576,"structure_id":15275,"section_number":"55.1-1015","catch_line":"Penalties and liabilities","url":"\/55.1-1015\/","token":"55.1\/II\/10\/55.1-1015","metadata":false},{"id":69153,"structure_id":15275,"section_number":"55.1-1015.1","catch_line":"Civil penalties; attorney fees","url":"\/55.1-1015.1\/","token":"55.1\/II\/10\/55.1-1015.1","metadata":false},{"id":79216,"structure_id":15275,"section_number":"55.1-1016","catch_line":"Confidentiality of information obtained by the Commission","url":"\/55.1-1016\/","token":"55.1\/II\/10\/55.1-1016","metadata":false}],"previous_section":{"id":71946,"structure_id":15275,"section_number":"55.1-1012","catch_line":"Regulations and orders","url":"\/55.1-1012\/","token":"55.1\/II\/10\/55.1-1012","metadata":false},"next_section":{"id":70071,"structure_id":15275,"section_number":"55.1-1014","catch_line":"Settlement agent registration requirements and compliance with unauthorized practice of law guidelines; civil penalty","url":"\/55.1-1014\/","token":"55.1\/II\/10\/55.1-1014","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-1013\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapter 716<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2004, chapters 336<\/a> and 597<\/a>; in 2010, chapter 794<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":[{"id":81115,"section_number":"38.2-1300","catch_line":"Annual statements","order_by":null,"url":"\/38.2-1300\/"}],"permalink":{"id":245429,"object_type":"law","relational_id":59279,"identifier":"55.1-1013","token":"55.1\/II\/10\/55.1-1013","url":"\/55.1-1013\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-1013\/","token":"55.1\/II\/10\/55.1-1013","dublin_core":{"Title":"Accounting by title insurance companies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-1013","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A title insurance company domiciled in the Commonwealth or acting in the capacity of a settlement agent<\/span> pursuant to this chapter shall account for funds held and income derived from escrow<\/span>, closing, or settlement services<\/span> in accordance with the applicable instructions of, and the accounting practices and procedures manuals adopted by, the Association<\/span> when filing the annual statements and reports required under Chapter 13 (\u00a7 38.2-1300<\/a> et seq.) of Title 38.2.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACCOUNTING BY TITLE INSURANCE COMPANIES (\u00a7 55.1-1013)\n\nA title insurance company domiciled in the Commonwealth or acting in the\ncapacity of a settlement agent pursuant to this chapter shall account for funds\nheld and income derived from escrow, closing, or settlement services in\naccordance with the applicable instructions of, and the accounting practices and\nprocedures manuals adopted by, the Association when filing the annual statements\nand reports required under Chapter 13 (\u00a7 38.2-1300 et seq.) of Title 38.2.\n\nHISTORY: 1997, c. 716, \u00a7 6.1-2.25; 2004, cc. 336, 597; 2010, c. 794, \u00a7\n55-525.29; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}