{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/55.1-804.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/55.1-804.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/55.1-804.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/55.1-804.html"}],"law_id":370034,"edition_id":2,"section_id":370034,"structure_id":52700,"section_number":"55.1-804","catch_line":"Accounting for moneys and property","history":"2010, c. 409, \u00a7 55-525.5; 2019, c. 712.","full_text":"A\n\nEvery exchange facilitator shall hold all property related to the exchange client, including the exchange funds, other property, and other consideration or instruments received by the exchange facilitator, on behalf of the client, except funds received as the exchange facilitator’s compensation. Exchange funds shall be held in accordance with the requirements of § 55.1-802.\n\nB\n\nAn exchange facilitator shall not:\n\n1\n\nCommingle exchange funds with the operating accounts of the exchange facilitator; or\n\n2\n\nLend or otherwise transfer exchange funds to any person or entity affiliated with or related (as described in Internal Revenue Code § 267(b) or 707(b)) to the exchange facilitator, except that this subsection shall not apply to a transfer or loan made to a financial institution that is the parent of or related to the exchange facilitator or to a transfer from an exchange facilitator to an EAT as required under the exchange contract.\n\nC\n\nExchange funds are not subject to execution or attachment on any claim against the exchange facilitator. An exchange facilitator shall not keep or cause to be kept any money in any financial institution under any name designating the money as belonging to an exchange client of the exchange facilitator unless the money equitably belongs to the exchange client and was actually entrusted to the exchange facilitator by the exchange client.\n\n","order_by":null,"text":{"0":{"id":1380458,"text":"Every exchange facilitator shall hold all property related to the exchange client, including the exchange funds, other property, and other consideration or instruments received by the exchange facilitator, on behalf of the client, except funds received as the exchange facilitator’s compensation. Exchange funds shall be held in accordance with the requirements of § 55.1-802.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1380459,"text":"An exchange facilitator shall not:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":1380460,"text":"Commingle exchange funds with the operating accounts of the exchange facilitator; or","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":1380461,"text":"Lend or otherwise transfer exchange funds to any person or entity affiliated with or related (as described in Internal Revenue Code § 267(b) or 707(b)) to the exchange facilitator, except that this subsection shall not apply to a transfer or loan made to a financial institution that is the parent of or related to the exchange facilitator or to a transfer from an exchange facilitator to an EAT as required under the exchange contract.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":1380462,"text":"Exchange funds are not subject to execution or attachment on any claim against the exchange facilitator. An exchange facilitator shall not keep or cause to be kept any money in any financial institution under any name designating the money as belonging to an exchange client of the exchange facilitator unless the money equitably belongs to the exchange client and was actually entrusted to the exchange facilitator by the exchange client.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-804\/","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":[{"id":370032,"section_number":"55.1-802","catch_line":"Separately identified accounts, or qualified escrows or qualified trusts","order_by":null,"url":"\/55.1-802\/"}],"permalink":{"id":1472839,"object_type":"law","relational_id":370034,"identifier":"55.1-804","token":"55.1\/II\/8\/55.1-804","url":"\/55.1-804\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/55.1-804\/","token":"55.1\/II\/8\/55.1-804","dublin_core":{"Title":"Accounting for moneys and property","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-804","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every exchange facilitator<\/span> shall hold all property related to the exchange client<\/span>, including the exchange funds<\/span>, other property, and other consideration or instruments received by the exchange facilitator<\/span>, on behalf of the client, except funds received as the exchange facilitator<\/span>’s compensation. Exchange funds<\/span> shall be held in accordance with the requirements of § 55.1-802<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> An exchange facilitator<\/span> shall not: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Commingle<\/span> exchange funds<\/span> with the operating accounts of the exchange facilitator<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Lend or otherwise transfer exchange funds<\/span> to any person<\/span> or entity affiliated with<\/span> or related (as described in Internal Revenue Code § 267(b) or 707(b)) to the exchange facilitator<\/span>, except that this subsection shall not apply to a transfer or loan made to a financial institution<\/span> that is the parent of or related to the exchange facilitator<\/span> or to a transfer from an exchange facilitator<\/span> to an EAT as required under the exchange contract<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Exchange funds<\/span> are not subject to execution or attachment<\/span> on any claim against the exchange facilitator<\/span>. An exchange facilitator<\/span> shall not keep or cause to be kept any money in any financial institution<\/span> under any name designating the money as belonging to an exchange client<\/span> of the exchange facilitator<\/span> unless the money equitably belongs to the exchange client<\/span> and was actually entrusted to the exchange facilitator<\/span> by the exchange client<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACCOUNTING FOR MONEYS AND PROPERTY (\u00a7 55.1-804)\n\nA. Every exchange facilitator shall hold all property related to the exchange\nclient, including the exchange funds, other property, and other consideration or\ninstruments received by the exchange facilitator, on behalf of the client,\nexcept funds received as the exchange facilitator’s compensation. Exchange\nfunds shall be held in accordance with the requirements of § 55.1-802.\n\nB. An exchange facilitator shall not:\n\n 1. Commingle exchange funds with the operating accounts of the exchange\n facilitator; or\n\n 2. Lend or otherwise transfer exchange funds to any person or entity\n affiliated with or related (as described in Internal Revenue Code §\n 267(b) or 707(b)) to the exchange facilitator, except that this subsection\n shall not apply to a transfer or loan made to a financial institution that is\n the parent of or related to the exchange facilitator or to a transfer from an\n exchange facilitator to an EAT as required under the exchange contract.\n\nC. Exchange funds are not subject to execution or attachment on any claim\nagainst the exchange facilitator. An exchange facilitator shall not keep or\ncause to be kept any money in any financial institution under any name\ndesignating the money as belonging to an exchange client of the exchange\nfacilitator unless the money equitably belongs to the exchange client and was\nactually entrusted to the exchange facilitator by the exchange client.\n\nHISTORY: 2010, c. 409, \u00a7 55-525.5; 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"}}