11 Va. Admin. Code § 10-20-400

Current through Register Vol. 41, No. 8, December 2, 2024

Section 11VAC10-20-400 - Escrow accounts

All money received by a licensee for races that require nominating, sustaining, entry, or starting fees must be placed in interest bearing escrow accounts, and all accrued interest must be added to these races if:

(i) the total fees received for the race exceed $15,000; or

(ii) fees are due and payable for the race more than 180 days in advance of the advertised date of the running of the race.

11 Va. Admin. Code § 10-20-400

Derived from VR662-01-02 § 4.6, eff. March 14, 1990; amended, Virginia Register Volume 6, Issue 13, eff. April 25, 1990; Volume 10, Issue 13, eff. April 20, 1994.

Statutory Authority

§ 59.1-369 of the Code of Virginia.