{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-414.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-414.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-414.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-414.html"}],"law_id":374243,"edition_id":2,"section_id":374243,"structure_id":53215,"section_number":"6.2-414","catch_line":"Obligation of person maintaining escrow account to pay taxes and insurance; penalties","history":"1978, c. 685, \u00a7 6.1-2.8; 2010, c. 794.","full_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.\n\n","order_by":null,"text":{"0":{"id":1397117,"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53215,"edition_id":2,"name":"Loans Secured by Lien on Real Estate","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":53213,"metadata":{"child_laws":18,"child_structures":0},"date_created":"2026-08-02 03:13:12","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490493,"object_type":"structure","relational_id":53215,"identifier":"2","token":"6.2\/I\/4\/2","url":"\/6.2\/I\/4\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53213,"edition_id":2,"name":"Certain Lending Practices","identifier":"4","label":"chapter","depth":3,"order_by":4,"parent_id":53153,"metadata":{"child_laws":38,"child_structures":5},"date_created":"2026-08-02 03:13:11","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490465,"object_type":"structure","relational_id":53213,"identifier":"4","token":"6.2\/I\/4","url":"\/6.2\/I\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53153,"edition_id":2,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":53152,"metadata":{"child_laws":99,"child_structures":18},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:54","permalink":{"id":1490253,"object_type":"structure","relational_id":53153,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374235,"structure_id":53215,"section_number":"6.2-406","catch_line":"Disclosure of terms of mortgage application","url":"\/6.2-406\/","token":"6.2\/I\/4\/2\/6.2-406","metadata":{"court_decisions":""}},{"id":374236,"structure_id":53215,"section_number":"6.2-407","catch_line":"Lenders to furnish borrower with copy of appraisal","url":"\/6.2-407\/","token":"6.2\/I\/4\/2\/6.2-407","metadata":false},{"id":374237,"structure_id":53215,"section_number":"6.2-408","catch_line":"Priority of interest on debts secured by mortgage or deed of trust","url":"\/6.2-408\/","token":"6.2\/I\/4\/2\/6.2-408","metadata":false},{"id":374238,"structure_id":53215,"section_number":"6.2-409","catch_line":"Addition of unpaid interest to principal balance","url":"\/6.2-409\/","token":"6.2\/I\/4\/2\/6.2-409","metadata":false},{"id":374239,"structure_id":53215,"section_number":"6.2-410","catch_line":"Borrowers not to be required to employ particular professionals","url":"\/6.2-410\/","token":"6.2\/I\/4\/2\/6.2-410","metadata":{"court_decisions":""}},{"id":374240,"structure_id":53215,"section_number":"6.2-411","catch_line":"Requirements relating to insurance","url":"\/6.2-411\/","token":"6.2\/I\/4\/2\/6.2-411","metadata":false},{"id":374241,"structure_id":53215,"section_number":"6.2-412","catch_line":"Insurance coverage under certain loans not to exceed replacement value of improvements","url":"\/6.2-412\/","token":"6.2\/I\/4\/2\/6.2-412","metadata":false},{"id":374242,"structure_id":53215,"section_number":"6.2-413","catch_line":"Obligation of lender to reimburse unused mortgage guaranty insurance premiums","url":"\/6.2-413\/","token":"6.2\/I\/4\/2\/6.2-413","metadata":false},{"id":374243,"structure_id":53215,"section_number":"6.2-414","catch_line":"Obligation of person maintaining escrow account to pay taxes and insurance; penalties","url":"\/6.2-414\/","token":"6.2\/I\/4\/2\/6.2-414","metadata":false},{"id":374244,"structure_id":53215,"section_number":"6.2-415","catch_line":"Lender not to cancel insurance policy at time of refinancing under certain circumstances","url":"\/6.2-415\/","token":"6.2\/I\/4\/2\/6.2-415","metadata":false},{"id":374245,"structure_id":53215,"section_number":"6.2-416","catch_line":"Certain mortgages not to prohibit further encumbrance of real property","url":"\/6.2-416\/","token":"6.2\/I\/4\/2\/6.2-416","metadata":false},{"id":374246,"structure_id":53215,"section_number":"6.2-417","catch_line":"Mortgage or deed of trust to contain notice that debt is subject to call or modification on conveyance of property","url":"\/6.2-417\/","token":"6.2\/I\/4\/2\/6.2-417","metadata":false},{"id":374247,"structure_id":53215,"section_number":"6.2-418","catch_line":"Property owner entitled to written statement of payoff amount","url":"\/6.2-418\/","token":"6.2\/I\/4\/2\/6.2-418","metadata":false},{"id":374248,"structure_id":53215,"section_number":"6.2-419","catch_line":"Disclosure of terms of assumption","url":"\/6.2-419\/","token":"6.2\/I\/4\/2\/6.2-419","metadata":false},{"id":374249,"structure_id":53215,"section_number":"6.2-420","catch_line":"Prepayment penalty not to be collected in certain circumstances","url":"\/6.2-420\/","token":"6.2\/I\/4\/2\/6.2-420","metadata":false},{"id":374250,"structure_id":53215,"section_number":"6.2-421","catch_line":"Certain contracts to permit prepayment; amount of prepayment penalty","url":"\/6.2-421\/","token":"6.2\/I\/4\/2\/6.2-421","metadata":false},{"id":374251,"structure_id":53215,"section_number":"6.2-422","catch_line":"Prepayment penalty for loan secured by home occupied by borrower","url":"\/6.2-422\/","token":"6.2\/I\/4\/2\/6.2-422","metadata":false},{"id":374252,"structure_id":53215,"section_number":"6.2-423","catch_line":"Prepayment of loans secured by certain subordinate mortgages or deeds of trust; rebates for unearned interest","url":"\/6.2-423\/","token":"6.2\/I\/4\/2\/6.2-423","metadata":false}],"previous_section":{"id":374242,"structure_id":53215,"section_number":"6.2-413","catch_line":"Obligation of lender to reimburse unused mortgage guaranty insurance premiums","url":"\/6.2-413\/","token":"6.2\/I\/4\/2\/6.2-413","metadata":false},"next_section":{"id":374244,"structure_id":53215,"section_number":"6.2-415","catch_line":"Lender not to cancel insurance policy at time of refinancing under certain circumstances","url":"\/6.2-415\/","token":"6.2\/I\/4\/2\/6.2-415","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-414\/","history_text":"<p>This law was first created in 1978. The record of its establishment is cataloged in chapter 685 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. Unfortunately, the 1978 \u201cActs\u201d aren\u2019t available online. 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 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1490527,"object_type":"law","relational_id":374243,"identifier":"6.2-414","token":"6.2\/I\/4\/2\/6.2-414","url":"\/6.2-414\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-414\/","token":"6.2\/I\/4\/2\/6.2-414","dublin_core":{"Title":"Obligation of person maintaining escrow account to pay taxes and insurance; penalties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-414","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Any lender or other <span class=\"dictionary\">person<\/span> 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 <span class=\"dictionary\">penalty<\/span> 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 <span class=\"dictionary\">penalty<\/span> 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 <span class=\"dictionary\">person<\/span> shall give written notice to any obligor of the payment of such <span class=\"dictionary\">penalty<\/span> or late charge within five days after such payment is made.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nOBLIGATION OF PERSON MAINTAINING ESCROW ACCOUNT TO PAY TAXES AND INSURANCE;\nPENALTIES (\u00a7 6.2-414)\n\nAny lender or other person maintaining escrow accounts for the payment of taxes\nor insurance, who on receipt of notice thereof, fails to make timely payment\ntherefor, and incurs a penalty or late charge thereon or a cancellation for\nnonpayment if there are sufficient funds in such escrow account at least five\ndays before such due date to make such payment, shall be liable for the penalty\nor late charge assessed for late payment and for any loss as a result of the\nproperty being uninsured for nonpayment. The lender or other person shall give\nwritten notice to any obligor of the payment of such penalty or late charge\nwithin five days after such payment is made.\n\nHISTORY: 1978, c. 685, \u00a7 6.1-2.8; 2010, c. 794.","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"}}