6.1-237.7 - (Repealed effective October 1, 2010) Escrow accounts.
§ 6.1-237.7. (Repealed effective October 1, 2010) Escrow accounts.
All moneys required by an association to be paid by borrowers in escrow, todefray future taxes or insurance premiums shall be kept in accountssegregated from accounts of the association and shall not be commingled withother funds of the association. No association shall require any borrower topay any amounts in escrow to defray future taxes and insurance premiums, inconnection 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 arenot being maintained in connection with a mortgage loan superior to suchsubordinate mortgage loan.
(1993, c. 419.)