1. 1. The amount to be trusted;
2. 2. The name of the trustee;
3. 3. The disposition of the interest;
4. 4. The fees, expenses, and taxes which may be deducted from the interest;
5. 5. Whether up to 10% is retained by the contract provider; and
6. 6. A statement of the contract buyer's responsibility for taxes owed on the interest.

If funds are to be trusted, the trust account is to be established according to provisions of §§ 54.1-2822 and 54.1-2824 of the Code of Virginia and the following information shall be disclosed in writing to the contract buyer:

Statutory Authority

§§ 54.1-2400, 54.1-2803 and 54.1-2820 of the Code of Virginia.

Historical Notes

Derived from VR320-01-3 § 6.8, eff. March 1, 1991; amended, Virginia Register Volume 9, Issue 22, eff. August 25, 1993; Volume 11, Issue 14, eff. May 3, 1995; Volume 15, Issue 7, eff. January 20, 1999.