§ 143-143.50. Escrow or trust account required.
Part 2. Buyer Deposit, Escrow orTrust Accounts.
§ 143‑143.50. Escrow ortrust account required.
(a) Dealers shallmaintain buyers' deposits in an escrow or trust account with a bank. A dealershall not commingle any other funds with buyers' deposits in the escrow ortrust account.
(b) Dealers shallnotify the Board in writing when the escrow or trust account is established.The notification shall include the name and number of the account and the nameand location of the bank holding the account.
(c) All buyer fundsshall be placed in the escrow or trust account no later than the close of thethird banking business day after receipt.
(d) Dealers shallprovide buyers with a receipt for all buyer deposits received by the dealer.The receipt shall include the amount of the buyer deposit, the date the depositwas provided to the dealer, and the name and address of the bank where thebuyer's funds will be deposited. (2005‑451, s. 6.)