{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1618.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1618.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1618.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1618.html"}],"law_id":58328,"edition_id":1,"section_id":58328,"structure_id":13352,"section_number":"6.2-1618","catch_line":"Escrow accounts","history":"1987, c. 596, \u00a7 6.1-423; 2001, c. 504; 2010, c. 794.","full_text":"A\n\nAll moneys required by a mortgage lender required to be licensed under this chapter to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the lender, and shall not be commingled with other funds of the lender.B\n\nNo licensed mortgage lender shall require any borrower to pay any moneys in escrow to defray future taxes and insurance premiums, or for any other purpose, in connection with a subordinate mortgage loan as referred to in Article 2 (&#xA7; 6.2-406 et seq.) of Chapter 4, except where escrows for such purposes are not being maintained in connection with the mortgage loan superior to such subordinate mortgage loan.C\n\nMortgage lenders holding money in escrow for insurance premiums shall notify the insurer in writing within 30 days of a change of the mortgage lender&#8217;s billing address, or 60 days prior to the renewal date of the insurance policy, whichever is later.","order_by":null,"text":{"0":{"id":213622,"text":"All moneys required by a mortgage lender required to be licensed under this chapter to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the lender, and shall not be commingled with other funds of the lender.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":213623,"text":"No licensed mortgage lender shall require any borrower to pay any moneys in escrow to defray future taxes and insurance premiums, or for any other purpose, in connection with a subordinate mortgage loan as referred to in Article 2 (&#xA7; 6.2-406 et seq.) of Chapter 4, except where escrows for such purposes are not being maintained in connection with the mortgage loan superior to such subordinate mortgage loan.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":213624,"text":"Mortgage lenders holding money in escrow for insurance premiums shall notify the insurer in writing within 30 days of a change of the mortgage lender&#8217;s billing address, or 60 days prior to the renewal date of the insurance policy, whichever is later.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13352,"edition_id":1,"name":"Mortgage Lenders and Mortgage Brokers","identifier":"16","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":266007,"object_type":"structure","relational_id":13352,"identifier":"16","token":"6.2\/III\/16","url":"\/6.2\/III\/16\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71155,"structure_id":13352,"section_number":"6.2-1600","catch_line":"Definitions","url":"\/6.2-1600\/","token":"6.2\/III\/16\/6.2-1600","metadata":false},{"id":69139,"structure_id":13352,"section_number":"6.2-1601","catch_line":"License requirement","url":"\/6.2-1601\/","token":"6.2\/III\/16\/6.2-1601","metadata":false},{"id":81765,"structure_id":13352,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","url":"\/6.2-1602\/","token":"6.2\/III\/16\/6.2-1602","metadata":false},{"id":54762,"structure_id":13352,"section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","url":"\/6.2-1603\/","token":"6.2\/III\/16\/6.2-1603","metadata":false},{"id":59504,"structure_id":13352,"section_number":"6.2-1604","catch_line":"Bond required","url":"\/6.2-1604\/","token":"6.2\/III\/16\/6.2-1604","metadata":false},{"id":54914,"structure_id":13352,"section_number":"6.2-1605","catch_line":"Investigation of applications","url":"\/6.2-1605\/","token":"6.2\/III\/16\/6.2-1605","metadata":false},{"id":73062,"structure_id":13352,"section_number":"6.2-1606","catch_line":"Qualifications","url":"\/6.2-1606\/","token":"6.2\/III\/16\/6.2-1606","metadata":false},{"id":81215,"structure_id":13352,"section_number":"6.2-1607","catch_line":"Licenses; places of business; changes","url":"\/6.2-1607\/","token":"6.2\/III\/16\/6.2-1607","metadata":false},{"id":76246,"structure_id":13352,"section_number":"6.2-1608","catch_line":"Acquisition of control; application","url":"\/6.2-1608\/","token":"6.2\/III\/16\/6.2-1608","metadata":false},{"id":54332,"structure_id":13352,"section_number":"6.2-1609","catch_line":"Retention of books, accounts and records","url":"\/6.2-1609\/","token":"6.2\/III\/16\/6.2-1609","metadata":false},{"id":61819,"structure_id":13352,"section_number":"6.2-1610","catch_line":"Periodic reports","url":"\/6.2-1610\/","token":"6.2\/III\/16\/6.2-1610","metadata":false},{"id":71555,"structure_id":13352,"section_number":"6.2-1611","catch_line":"Investigations; examinations","url":"\/6.2-1611\/","token":"6.2\/III\/16\/6.2-1611","metadata":false},{"id":82309,"structure_id":13352,"section_number":"6.2-1612","catch_line":"Annual fees","url":"\/6.2-1612\/","token":"6.2\/III\/16\/6.2-1612","metadata":false},{"id":66404,"structure_id":13352,"section_number":"6.2-1613","catch_line":"Regulations","url":"\/6.2-1613\/","token":"6.2\/III\/16\/6.2-1613","metadata":false},{"id":61182,"structure_id":13352,"section_number":"6.2-1614","catch_line":"Prohibitions applicable to mortgage lenders and mortgage brokers","url":"\/6.2-1614\/","token":"6.2\/III\/16\/6.2-1614","metadata":false},{"id":61213,"structure_id":13352,"section_number":"6.2-1615","catch_line":"Other prohibitions applicable to mortgage lenders","url":"\/6.2-1615\/","token":"6.2\/III\/16\/6.2-1615","metadata":false},{"id":80723,"structure_id":13352,"section_number":"6.2-1616","catch_line":"Other prohibitions applicable to mortgage brokers","url":"\/6.2-1616\/","token":"6.2\/III\/16\/6.2-1616","metadata":false},{"id":64232,"structure_id":13352,"section_number":"6.2-1617","catch_line":"Application to certain real estate brokers","url":"\/6.2-1617\/","token":"6.2\/III\/16\/6.2-1617","metadata":false},{"id":58328,"structure_id":13352,"section_number":"6.2-1618","catch_line":"Escrow accounts","url":"\/6.2-1618\/","token":"6.2\/III\/16\/6.2-1618","metadata":false},{"id":69878,"structure_id":13352,"section_number":"6.2-1619","catch_line":"Suspension or revocation of license","url":"\/6.2-1619\/","token":"6.2\/III\/16\/6.2-1619","metadata":false},{"id":72499,"structure_id":13352,"section_number":"6.2-1620","catch_line":"Censuring, suspending, or barring persons","url":"\/6.2-1620\/","token":"6.2\/III\/16\/6.2-1620","metadata":false},{"id":65038,"structure_id":13352,"section_number":"6.2-1621","catch_line":"Filing of written report with Commissioner; events affecting activities of licensee","url":"\/6.2-1621\/","token":"6.2\/III\/16\/6.2-1621","metadata":false},{"id":61967,"structure_id":13352,"section_number":"6.2-1622","catch_line":"Cease and desist orders","url":"\/6.2-1622\/","token":"6.2\/III\/16\/6.2-1622","metadata":false},{"id":85659,"structure_id":13352,"section_number":"6.2-1623","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1623\/","token":"6.2\/III\/16\/6.2-1623","metadata":false},{"id":70740,"structure_id":13352,"section_number":"6.2-1624","catch_line":"Civil penalties","url":"\/6.2-1624\/","token":"6.2\/III\/16\/6.2-1624","metadata":false},{"id":82877,"structure_id":13352,"section_number":"6.2-1625","catch_line":"Criminal penalties","url":"\/6.2-1625\/","token":"6.2\/III\/16\/6.2-1625","metadata":false},{"id":83877,"structure_id":13352,"section_number":"6.2-1626","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-1626\/","token":"6.2\/III\/16\/6.2-1626","metadata":false},{"id":73847,"structure_id":13352,"section_number":"6.2-1627","catch_line":"Private actions","url":"\/6.2-1627\/","token":"6.2\/III\/16\/6.2-1627","metadata":false},{"id":73955,"structure_id":13352,"section_number":"6.2-1628","catch_line":"Enforcement of prohibitions on certain practices; recovery of attorney fees","url":"\/6.2-1628\/","token":"6.2\/III\/16\/6.2-1628","metadata":false},{"id":62961,"structure_id":13352,"section_number":"6.2-1629","catch_line":"Prohibited practices; authority of the Attorney General","url":"\/6.2-1629\/","token":"6.2\/III\/16\/6.2-1629","metadata":false}],"previous_section":{"id":64232,"structure_id":13352,"section_number":"6.2-1617","catch_line":"Application to certain real estate brokers","url":"\/6.2-1617\/","token":"6.2\/III\/16\/6.2-1617","metadata":false},"next_section":{"id":69878,"structure_id":13352,"section_number":"6.2-1619","catch_line":"Suspension or revocation of license","url":"\/6.2-1619\/","token":"6.2\/III\/16\/6.2-1619","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1618\/","history_text":"<p>This law was first created in 1987. The record of its establishment is cataloged in chapter 596 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. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 2001, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0504\">504<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":[{"id":68627,"section_number":"6.2-406","catch_line":"Disclosure of terms of mortgage application","order_by":null,"url":"\/6.2-406\/"}],"permalink":{"id":266081,"object_type":"law","relational_id":58328,"identifier":"6.2-1618","token":"6.2\/III\/16\/6.2-1618","url":"\/6.2-1618\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1618\/","token":"6.2\/III\/16\/6.2-1618","dublin_core":{"Title":"Escrow accounts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1618","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> All moneys required by a <span class=\"dictionary\">mortgage lender<\/span> required to be licensed under this chapter to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the lender, and shall not be commingled with other funds of the lender. <a id=\"paragraph-213622\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1618\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> No licensed <span class=\"dictionary\">mortgage lender<\/span> shall require any borrower to pay any moneys in escrow to defray future taxes and insurance premiums, or for any other purpose, in connection with a subordinate <span class=\"dictionary\">mortgage loan<\/span> as referred to in Article 2 (&#xA7; <a class=\"law\" title=\"Disclosure of terms of mortgage application\" href=\"\/6.2-406\/\">6.2-406<\/a> et seq.) of Chapter 4, except where escrows for such purposes are not being maintained in connection with the <span class=\"dictionary\">mortgage loan<\/span> superior to such subordinate <span class=\"dictionary\">mortgage loan<\/span>. <a id=\"paragraph-213623\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1618\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> <span class=\"dictionary\">Mortgage lenders<\/span> holding money in escrow for insurance premiums shall notify the insurer in writing within 30 days of a change of the <span class=\"dictionary\">mortgage lender<\/span>&#8217;s billing address, or 60 days prior to the renewal date of the insurance policy, whichever is later. <a id=\"paragraph-213624\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1618\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nESCROW ACCOUNTS (\u00a7 6.2-1618)\n\nA. All moneys required by a mortgage lender required to be licensed under this\nchapter to be paid by borrowers in escrow to defray future taxes or insurance\npremiums, or for other lawful purposes, shall be kept in accounts segregated\nfrom accounts of the lender, and shall not be commingled with other funds of the\nlender.\n\nB. No licensed mortgage lender shall require any borrower to pay any moneys in\nescrow to defray future taxes and insurance premiums, or for any other purpose,\nin connection with a subordinate mortgage loan as referred to in Article 2\n(&#xA7; 6.2-406 et seq.) of Chapter 4, except where escrows for such purposes\nare not being maintained in connection with the mortgage loan superior to such\nsubordinate mortgage loan.\n\nC. Mortgage lenders holding money in escrow for insurance premiums shall notify\nthe insurer in writing within 30 days of a change of the mortgage lender&#8217;s\nbilling address, or 60 days prior to the renewal date of the insurance policy,\nwhichever is later.\n\nHISTORY: 1987, c. 596, \u00a7 6.1-423; 2001, c. 504; 2010, c. 794.","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}}