§ 24-A §6203-B — Escrow account

1.
Deposit of funds.
When funds are required to be deposited in an escrow account pursuant to section 6203, the following apply.
2.
Agreement.
Any agreement establishing an escrow account required under the provisions of this chapter is subject to approval by the superintendent. The agreement must be in writing and contain, in addition to any other provisions required by law, a provision by which the escrow agent agrees to abide by the duties imposed under this section.
3.
Monthly statement; withdrawal of funds.
The agreement must require the escrow agent to furnish the provider with a monthly statement indicating the amount of any disbursements from or deposits to the escrow account and the condition of the account during the monthly period covered by the statement. On or before the 20th day of the month following the month for which the monthly statement is due, the provider shall file with the superintendent a copy of the escrow agent's monthly statement.

Legislative History

PL 1995, c. 452, §21 (NEW).