{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/59.1-447.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/59.1-447.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/59.1-447.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/59.1-447.1.html"}],"law_id":66700,"edition_id":1,"section_id":66700,"structure_id":14566,"section_number":"59.1-447.1","catch_line":"Escrow of deposits","history":"1994, c. 482.","full_text":"A\n\nAny deposit made in connection with the execution of a travel services agreement shall be held in escrow. All cash deposits shall be held in a separate bank account labeled and designated solely for that purpose.\n\t\t\tSuch escrow account shall be insured by an instrumentality of the federal government and located in Virginia. All deposits shall be held in escrow until (i) delivered to the travel club upon expiration of the purchaser’s cancellation period, provided the purchaser’s right of cancellation has not been exercised, or (ii) delivered to the travel club because of purchaser’s default under the travel services agreement or (iii) refunded to the purchaser. Failure to establish escrow accounts or to make the deposits as required by this section is prima facie evidence of willful violation of this section.B\n\nThe travel club shall disclose in the travel services agreement that the deposit may not be held in escrow after expiration of the cancellation period and that such deposit is not protected as an escrow after expiration of the cancellation period. This disclosure shall include a statement of whether or not the travel club reserves the option to sell or assign any promissory note given by a purchaser to another entity, whether or not such entity is affiliated with the travel club. Both disclosures shall appear in boldface type of a minimum size of ten points.C\n\nThere shall be posted a fidelity bond, written so as to protect all deposits escrowed pursuant to subsection A, in favor of all purchasers. The bond shall be in an amount equal to the total of the deposits in escrow at any given time or $25,000, whichever is greater. Such bond shall be filed with the Commissioner and shall be maintained for so long as the travel club offers travel services in Virginia. The bond shall be with a surety company authorized to do business in Virginia. The travel club may post cash in lieu of the bond.","order_by":null,"text":{"0":{"id":241903,"text":"Any deposit made in connection with the execution of a travel services agreement shall be held in escrow. All cash deposits shall be held in a separate bank account labeled and designated solely for that purpose.\n\t\t\tSuch escrow account shall be insured by an instrumentality of the federal government and located in Virginia. All deposits shall be held in escrow until (i) delivered to the travel club upon expiration of the purchaser’s cancellation period, provided the purchaser’s right of cancellation has not been exercised, or (ii) delivered to the travel club because of purchaser’s default under the travel services agreement or (iii) refunded to the purchaser. Failure to establish escrow accounts or to make the deposits as required by this section is prima facie evidence of willful violation of this section.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":241904,"text":"The travel club shall disclose in the travel services agreement that the deposit may not be held in escrow after expiration of the cancellation period and that such deposit is not protected as an escrow after expiration of the cancellation period. This disclosure shall include a statement of whether or not the travel club reserves the option to sell or assign any promissory note given by a purchaser to another entity, whether or not such entity is affiliated with the travel club. Both disclosures shall appear in boldface type of a minimum size of ten points.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":241905,"text":"There shall be posted a fidelity bond, written so as to protect all deposits escrowed pursuant to subsection A, in favor of all purchasers. The bond shall be in an amount equal to the total of the deposits in escrow at any given time or $25,000, whichever is greater. Such bond shall be filed with the Commissioner and shall be maintained for so long as the travel club offers travel services in Virginia. The bond shall be with a surety company authorized to do business in Virginia. The travel club may post cash in lieu of the bond.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14566,"edition_id":1,"name":"The Virginia Travel Club Act","identifier":"36","label":"chapter","depth":2,"order_by":1,"parent_id":12809,"metadata":{},"date_created":"2026-06-26 03:48:41","date_modified":"2026-06-26 03:48:41","permalink":{"id":261567,"object_type":"structure","relational_id":14566,"identifier":"36","token":"59.1\/36","url":"\/59.1\/36\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12809,"edition_id":1,"name":"Trade and Commerce","identifier":"59.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":259521,"object_type":"structure","relational_id":12809,"identifier":"59.1","token":"59.1","url":"\/59.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64127,"structure_id":14566,"section_number":"59.1-445","catch_line":"Definitions","url":"\/59.1-445\/","token":"59.1\/36\/59.1-445","metadata":false},{"id":71095,"structure_id":14566,"section_number":"59.1-446","catch_line":"Registration; fees","url":"\/59.1-446\/","token":"59.1\/36\/59.1-446","metadata":false},{"id":83462,"structure_id":14566,"section_number":"59.1-447","catch_line":"Bond or letter of credit required","url":"\/59.1-447\/","token":"59.1\/36\/59.1-447","metadata":false},{"id":66700,"structure_id":14566,"section_number":"59.1-447.1","catch_line":"Escrow of deposits","url":"\/59.1-447.1\/","token":"59.1\/36\/59.1-447.1","metadata":false},{"id":82812,"structure_id":14566,"section_number":"59.1-448","catch_line":"Travel services agreement; disclosure","url":"\/59.1-448\/","token":"59.1\/36\/59.1-448","metadata":false},{"id":63408,"structure_id":14566,"section_number":"59.1-448.1","catch_line":"Public offering statement","url":"\/59.1-448.1\/","token":"59.1\/36\/59.1-448.1","metadata":false},{"id":59498,"structure_id":14566,"section_number":"59.1-449","catch_line":"Prohibited practices by travel club","url":"\/59.1-449\/","token":"59.1\/36\/59.1-449","metadata":false},{"id":62003,"structure_id":14566,"section_number":"59.1-450","catch_line":"Regulations","url":"\/59.1-450\/","token":"59.1\/36\/59.1-450","metadata":false},{"id":56038,"structure_id":14566,"section_number":"59.1-451","catch_line":"Investigations","url":"\/59.1-451\/","token":"59.1\/36\/59.1-451","metadata":false},{"id":86084,"structure_id":14566,"section_number":"59.1-452","catch_line":"Production of records","url":"\/59.1-452\/","token":"59.1\/36\/59.1-452","metadata":false},{"id":61393,"structure_id":14566,"section_number":"59.1-453","catch_line":"Exemptions","url":"\/59.1-453\/","token":"59.1\/36\/59.1-453","metadata":false},{"id":61094,"structure_id":14566,"section_number":"59.1-454","catch_line":"Violations of chapter; penalty","url":"\/59.1-454\/","token":"59.1\/36\/59.1-454","metadata":false}],"previous_section":{"id":83462,"structure_id":14566,"section_number":"59.1-447","catch_line":"Bond or letter of credit required","url":"\/59.1-447\/","token":"59.1\/36\/59.1-447","metadata":false},"next_section":{"id":82812,"structure_id":14566,"section_number":"59.1-448","catch_line":"Travel services agreement; disclosure","url":"\/59.1-448\/","token":"59.1\/36\/59.1-448","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/59.1-447.1\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapter 482<\/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.<\/p>","references":false,"refers_to":false,"permalink":{"id":261581,"object_type":"law","relational_id":66700,"identifier":"59.1-447.1","token":"59.1\/36\/59.1-447.1","url":"\/59.1-447.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/59.1-447.1\/","token":"59.1\/36\/59.1-447.1","dublin_core":{"Title":"Escrow of deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 59.1-447.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any deposit made in connection with the execution of a travel services agreement<\/span> shall be held in escrow. All cash deposits shall be held in a separate bank account labeled and designated solely for that purpose.\n\t\t\tSuch escrow account shall be insured by an instrumentality of the federal government and located in Virginia. All deposits shall be held in escrow until (i) delivered to the travel club<\/span> upon expiration of the purchaser<\/span>’s cancellation period, provided the purchaser<\/span>’s right of cancellation has not been exercised, or (ii) delivered to the travel club<\/span> because of purchaser<\/span>’s default<\/span> under the travel services agreement<\/span> or (iii) refunded to the purchaser<\/span>. Failure to establish escrow accounts or to make the deposits as required by this section is prima facie evidence<\/span> of willful violation of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The travel club<\/span> shall disclose in the travel services agreement<\/span> that the deposit may not be held in escrow after expiration of the cancellation period and that such deposit is not protected as an escrow after expiration of the cancellation period. This disclosure shall include a statement of whether or not the travel club<\/span> reserves the option to sell or assign any promissory note given by a purchaser<\/span> to another entity, whether or not such entity is affiliated with the travel club<\/span>. Both disclosures shall appear in boldface type of a minimum size of ten points. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> There shall be posted a fidelity bond<\/span>, written so as to protect all deposits escrowed pursuant to subsection A, in favor of all purchasers<\/span>. The bond<\/span> shall be in an amount equal to the total of the deposits in escrow at any given time or $25,000, whichever is greater. Such bond<\/span> shall be filed with the Commissioner<\/span> and shall be maintained for so long as the travel club<\/span> offers travel services in Virginia. The bond<\/span> shall be with a surety<\/span> company authorized to do business in Virginia. The travel club<\/span> may post cash in lieu of the bond<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESCROW OF DEPOSITS (\u00a7 59.1-447.1)\n\nA. Any deposit made in connection with the execution of a travel services\nagreement shall be held in escrow. All cash deposits shall be held in a separate\nbank account labeled and designated solely for that purpose.\n\t\t\tSuch escrow account shall be insured by an instrumentality of the federal\ngovernment and located in Virginia. All deposits shall be held in escrow until\n(i) delivered to the travel club upon expiration of the purchaser’s\ncancellation period, provided the purchaser’s right of cancellation has\nnot been exercised, or (ii) delivered to the travel club because of\npurchaser’s default under the travel services agreement or (iii) refunded\nto the purchaser. Failure to establish escrow accounts or to make the deposits\nas required by this section is prima facie evidence of willful violation of this\nsection.\n\nB. The travel club shall disclose in the travel services agreement that the\ndeposit may not be held in escrow after expiration of the cancellation period\nand that such deposit is not protected as an escrow after expiration of the\ncancellation period. This disclosure shall include a statement of whether or not\nthe travel club reserves the option to sell or assign any promissory note given\nby a purchaser to another entity, whether or not such entity is affiliated with\nthe travel club. Both disclosures shall appear in boldface type of a minimum\nsize of ten points.\n\nC. There shall be posted a fidelity bond, written so as to protect all deposits\nescrowed pursuant to subsection A, in favor of all purchasers. The bond shall be\nin an amount equal to the total of the deposits in escrow at any given time or\n$25,000, whichever is greater. Such bond shall be filed with the Commissioner\nand shall be maintained for so long as the travel club offers travel services in\nVirginia. The bond shall be with a surety company authorized to do business in\nVirginia. The travel club may post cash in lieu of the bond.\n\nHISTORY: 1994, c. 482.","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}}