§ 6.1-237.7. Escrow accounts
All moneys required by an association to be paid by borrowers in escrow, to defray future taxes or insurance premiums shall be kept in accounts segregated from accounts of the association and shall not be commingled with other funds of the association. No association shall require any borrower to pay any amounts in escrow to defray future taxes and insurance premiums, in connection with a subordinate mortgage loan as referred to in Chapter 7.3 (§ 6.1-330.49 et seq.) of this title, except where escrows for such purposes are not being maintained in connection with a mortgage loan superior to such subordinate mortgage loan.
(1993, c. 419.)
Sections: Previous 6.1-236 6.1-237 6.1-237.1 6.1-237.2 6.1-237.3 6.1-237.4 6.1-237.5 6.1-237.6 6.1-237.7 6.1-237.8 6.1-237.9 6.1-237.10 6.1-237.11 6.1-238 6.1-243 NextLast modified: April 16, 2009