North Carolina § 143-143.50 Escrow or trust account required

North Carolina Statutes

§ 143-143.50 — Escrow or trust account required

North Carolina § 143-143.50

Ch. 143State Departments, Institutions, and Commissions

Art. 9ANorth Carolina Manufactured Housing Board - Manufactured Home Warranties

This text of North Carolina § 143-143.50 (Escrow or trust account required) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 143-143.50 (2026).

Text

(a)Dealers shall maintain buyers' deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers' deposits in the escrow or trust account.

(b)Dealers shall notify 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 name and location of the bank holding the account.

(c)All buyer funds shall be placed in the escrow or trust account no later than the close of the third banking business day after receipt.

(d)Dealers shall provide 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 deposit was provided to the dealer, and the name and address of the bank where the buye

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(a) Dealers shall maintain buyers' deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers' deposits in the escrow or trust account.
(b) Dealers shall notify 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 name and location of the bank holding the account.
(c) All buyer funds shall be placed in the escrow or trust account no later than the close of the third banking business day after receipt.
(d) Dealers shall provide 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 deposit was provided to the dealer, and the name and address of the bank where the buyer's funds will be deposited. (2005-451, s. 6.)