{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/55.1-803.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/55.1-803.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/55.1-803.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/55.1-803.html"}],"law_id":370033,"edition_id":2,"section_id":370033,"structure_id":52700,"section_number":"55.1-803","catch_line":"Errors and omissions insurance; cash or letters of credit","history":"2010, c. 409, \u00a7 55-525.4; 2019, c. 712.","full_text":"A\n\nAn exchange facilitator at all times shall:\n\n1\n\nMaintain 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\n\n2\n\nDeposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.\n\nB\n\nThe exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.\n\n","order_by":null,"text":{"0":{"id":1380454,"text":"An exchange facilitator at all times shall:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1380455,"text":"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","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1380456,"text":"Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":1380457,"text":"The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"ancestry":[{"id":52700,"edition_id":2,"name":"Exchange Facilitators Act","identifier":"8","label":"chapter","depth":3,"order_by":3,"parent_id":52604,"metadata":{"child_laws":7,"child_structures":0},"date_created":"2026-08-02 03:03:23","date_modified":"2026-08-02 12:35:24","permalink":{"id":1472821,"object_type":"structure","relational_id":52700,"identifier":"8","token":"55.1\/II\/8","url":"\/55.1\/II\/8\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52604,"edition_id":2,"name":"Real Estate Settlements and Recordation","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":52600,"metadata":{"child_laws":121,"child_structures":14},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:22","permalink":{"id":1472371,"object_type":"structure","relational_id":52604,"identifier":"II","token":"55.1\/II","url":"\/55.1\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52600,"edition_id":2,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":120,"parent_id":null,"metadata":{"child_laws":875,"child_structures":101},"date_created":"2026-08-02 03:01:36","date_modified":"2026-08-02 12:35:20","permalink":{"id":1471771,"object_type":"structure","relational_id":52600,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":370030,"structure_id":52700,"section_number":"55.1-800","catch_line":"Definitions","url":"\/55.1-800\/","token":"55.1\/II\/8\/55.1-800","metadata":false},{"id":370031,"structure_id":52700,"section_number":"55.1-801","catch_line":"Change in control","url":"\/55.1-801\/","token":"55.1\/II\/8\/55.1-801","metadata":false},{"id":370032,"structure_id":52700,"section_number":"55.1-802","catch_line":"Separately identified accounts, or qualified escrows or qualified trusts","url":"\/55.1-802\/","token":"55.1\/II\/8\/55.1-802","metadata":false},{"id":370033,"structure_id":52700,"section_number":"55.1-803","catch_line":"Errors and omissions insurance; cash or letters of credit","url":"\/55.1-803\/","token":"55.1\/II\/8\/55.1-803","metadata":false},{"id":370034,"structure_id":52700,"section_number":"55.1-804","catch_line":"Accounting for moneys and property","url":"\/55.1-804\/","token":"55.1\/II\/8\/55.1-804","metadata":false},{"id":370035,"structure_id":52700,"section_number":"55.1-805","catch_line":"Prohibited acts","url":"\/55.1-805\/","token":"55.1\/II\/8\/55.1-805","metadata":false},{"id":370036,"structure_id":52700,"section_number":"55.1-806","catch_line":"Penalty; attorney fees","url":"\/55.1-806\/","token":"55.1\/II\/8\/55.1-806","metadata":false}],"previous_section":{"id":370032,"structure_id":52700,"section_number":"55.1-802","catch_line":"Separately identified accounts, or qualified escrows or qualified trusts","url":"\/55.1-802\/","token":"55.1\/II\/8\/55.1-802","metadata":false},"next_section":{"id":370034,"structure_id":52700,"section_number":"55.1-804","catch_line":"Accounting for moneys and property","url":"\/55.1-804\/","token":"55.1\/II\/8\/55.1-804","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-803\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 409<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1472835,"object_type":"law","relational_id":370033,"identifier":"55.1-803","token":"55.1\/II\/8\/55.1-803","url":"\/55.1-803\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/55.1-803\/","token":"55.1\/II\/8\/55.1-803","dublin_core":{"Title":"Errors and omissions insurance; cash or letters of credit","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-803","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An exchange facilitator<\/span> at all times shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> 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 <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The exchange facilitator<\/span> may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nERRORS AND OMISSIONS INSURANCE; CASH OR LETTERS OF CREDIT (\u00a7 55.1-803)\n\nA. An exchange facilitator at all times shall:\n\n 1. Maintain a policy of errors and omissions insurance in an amount not less\n than $250,000 executed by an insurer authorized to do business in the\n Commonwealth; or\n\n 2. Deposit an amount of cash or provide irrevocable letters of credit\n equivalent to the sum of not less than $250,000.\n\nB. The exchange facilitator may maintain errors and omissions insurance, cash,\nor irrevocable letters of credit in excess of the amounts required in this\nsection.\n\nHISTORY: 2010, c. 409, \u00a7 55-525.4; 2019, c. 712.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}