§ 34-41-4.08 - Deposits.
SECTION 34-41-4.08
§ 34-41-4.08 Deposits. – Any deposit made in connection with the purchase or reservation in this stateof a time share from a person required to deliver a public offering statementpursuant to § 34-41-4.02(c) must be placed in escrow, either in this stateor in the state where the time-share project is located, in an accountdesignated solely for that purpose, by a licensed title insurance company, anattorney, a licensed real estate broker, an independent bonded escrow company,or any institution whose accounts are insured until:
(1) Delivered to the developer at the time of any finaltransfer or conveyance of a time-share interest,
(2) Delivered to the developer because of the purchaser'sdefault under a contract to purchase the time share,
(3) Refunded to the purchaser,
(4) Delivered to the developer in accordance with §34-41-5.03(c)(5), or
(5) Delivered to the developer of substantially completedunits as defined in § 34-41-5.03(a), after the expiration of the time forrescission or any later date specified in the contract to purchase the timeshare.