§ 55-248.7:1. Prepaid rent; maintenance of escrow account
A tenant may offer and a landlord may accept prepaid rent. If a landlord receives prepaid rent, it shall be placed in an escrow account in a federally insured depository in Virginia by the end of the fifth business day following receipt and shall remain in the account until such time as the prepaid rent becomes due. Unless the landlord has otherwise become entitled to receive any portion of the prepaid rent, it shall not be removed from the escrow account required by this section without the written consent of the tenant.
(2002, c. 531.)
Sections: Previous 55-248.3 55-248.3:1 55-248.4 55-248.5 55-248.6 55-248.6:1 55-248.7 55-248.7:1 55-248.7:2 55-248.8 55-248.9 55-248.9:1 55-248.10 55-248.10:1 55-248.11 NextLast modified: April 3, 2009