Va. Code Ann. § 6.2-414
This is the official text of Va. Code Ann. § 6.2-414, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Obligation of person maintaining escrow account to pay taxes and insurance; penalties
Official statutory text
Any lender or other person maintaining escrow accounts for the payment of taxes or insurance, who on receipt of notice thereof, fails to make timely payment therefor, and incurs a penalty or late charge thereon or a cancellation for nonpayment if there are sufficient funds in such escrow account at least five days before such due date to make such payment, shall be liable for the penalty or late charge assessed for late payment and for any loss as a result of the property being uninsured for nonpayment. The lender or other person shall give written notice to any obligor of the payment of such penalty or late charge within five days after such payment is made.
1978, c. 685, § 6.1-2.8; 2010, c. 794 .
1978, c. 685, § 6.1-2.8; 2010, c. 794 .
Status: in_force · Read it on the official government site
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