10VAC5-80-40: Escrow accounts and audits

All funds received by a financial institution or financial institution subsidiary or affiliate, in the company's capacity of settlement agent and intended for distribution in whole or part to others, shall be deposited in a separate escrow account maintained in a bank, savings institution or credit union authorized to conduct business in Virginia. The company shall have the escrow account audited annually as provided in § 55-525.20 C of the Code of Virginia and conforming to the American Institute of Certified Public Accountants, Statement on Auditing Standards, Special Reports, and shall file a copy of the audit report with the bureau promptly.