{"data":{"id":"us-va/va.-code-55.1-803","jurisdiction":"us-va","citation":"Va. Code § 55.1-803","heading":"Errors and omissions insurance; cash or letters of credit","body":"A. An exchange facilitator at all times shall:1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.2010, c. 409, § 55-525.4; 2019, c. 712.","path":["Title 55.1. Property and Conveyances","Subtitle II. Real Estate Settlements and Recordation","Chapter 8. Exchange Facilitators Act"],"source_url":"https://law.lis.virginia.gov/vacode/55.1-803/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:17:29Z","sha256":"07ff5b8a7a889e9447a7d63f479061807956f3da75dc4e03ead88a671264ac0e","source_id":"us-va","stale":true,"prev":"us-va/va.-code-55.1-802","next":"us-va/va.-code-55.1-804"},"notice":"GroundRules: Original legal text. Not legal advice."}