Escrow deposits of rent payments received by real estate licensees
Purpose of legislation
Require real estate licensees to deposit all rent moneys, regardless of when received, in an escrow account by the end of the fifth business banking day following receipt, unless otherwise agreed to in writing by the principals to a lease transaction.
|Legislation mandating a change||Chap 1014 (2020)|
|VAC chapters to be amended|
|Associated Regulatory Actions||No regulatory action has been filed.|