Current through Register Vol. 54, No. 45, November 9, 2024
Section 1029.18 - Escrow account(a) A broker escrow account must: (1) Be maintained in a Federally- or State-insured bank or recognized depository.(2) Designate the broker as trustee.(3) Provide for the withdrawal of funds without prior notice.(4) Be used exclusively for escrow purposes.(b) If money is expected to be held in escrow for more than 6 months, the broker is encouraged to deposit the money into an interest-bearing escrow account. Interest earned on an escrow account shall be held and disbursed, pro rata, in the same manner as the principal amount, unless the parties to the transaction direct otherwise by agreement. A broker may not claim the interest earned on an escrow account.(c) Upon request, a broker shall provide the Authority with its records related to any escrow accounts maintained during the past 5 years or authorize the release of the records by each bank or recognized depository.