6-840
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6-840. Prohibitions; definitions A. An escrow agent shall not accept any escrow in which a participant in the escrow is an affiliate of the escrow agent unless: 1. The affiliation is disclosed to all nonaffiliated participants in writing by the escrow agent. 2. Use of the affiliated escrow agent is not required by the affiliate as a condition of making a loan or entering into any other agreement with the nonaffiliated participants. B. For the purpose of this section: 1. "Controlled escrow business" means the handling of an escrow by an escrow agent where an affiliate of the escrow agent is a participant in the escrow transaction. 2. "Participant" means the buyer, seller, lender, mortgage broker, mortgage banker, real estate broker or real estate salesman or any person who is a party to the escrow transaction. |