La. Admin. Code tit. 46 § LXVII-2715

Current through Register Vol. 50, No. 11, November 20, 2024

Section LXVII-2715 - Withdrawal

A. Funds deposited into a sales escrow checking account, rental trust checking account, or security deposit trust checking account shall not be withdrawn for any purposes except:

1. upon the mutual written consent of all parties having an interest in the funds;

2. upon court order;

3. to deposit funds into the registry of the court in a concursus proceeding;

4. to disburse funds upon a reasonable interpretation of the contract that authorizes the broker to hold such funds, provided that the disbursement is not made until 10 days after the broker has notified all parties and licensees in writing;

6. to return the funds to a buyer at the time of closing;

7. to cover the payment of service charges on sales escrow checking accounts, rental trust checking accounts, and security deposit trust checking accounts;

8. upon approval by the commission in connection with the sale or acquisition of a licensed entity;

9. to comply with the provisions of R.S. 9:3251 or any other state or federal statute governing the transfer of rents, security deposits or other escrow funds.

B. Deposits shall be disbursed within 30 days of an agreement between the principles in a real estate transaction.

La. Admin. Code tit. 46, § LXVII-2715

Promulgated by the Department of Economic Development, Real Estate Commission, LR 26:44 (January 2000), amended by the Office of the Governor, Real Estate Commission, LR 32:1452 (August 2006), LR 37:3006 (October 2011).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:1431 et seq.