Virginia § 55.1-803 Errors and omissions insurance; cash or letters of credit

Virginia Statutes

§ 55.1-803 — Errors and omissions insurance; cash or letters of credit

Virginia § 55.1-803

Title 55.1Property and Conveyances

Subtitle IIReal Estate Settlements and Recordation

Ch. 8Exchange Facilitators Act

This text of Virginia § 55.1-803 (Errors and omissions insurance; cash or letters of credit) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 55.1-803 (2026).

Text

A.An exchange facilitator at all times shall:

1.Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or

2.Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.

B.The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.

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A. An exchange facilitator at all times shall:

1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or

2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.

B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.