South Dakota Statutes
§ 34-12-45 — Escrow of fees.
South Dakota·Title 34 PUBLIC HEALTH AND SAFETY·Ch. 34-11B REGULATION OF HOSPITALS AND RELATED INSTITUTIONS
Any provider proposing to develop a new continuing care retirement community, which has not previously been in operation in this state, shall establish an escrow account with a bank in this state. Any entrance fees or portions of the entrance fees collected from prospective residents before the commencement of operation of the planned facility shall be deposited in this account. Escrowed deposits may not be released to the provider until completion of construction of the facility as evidenced by certificates of occupancy or other permits to commence operation. Deposits shall be released to prospective residents within thirty days of a receipt of a written notice of cancellation. The provider may retain any accrued interest from canceled deposits and a service fee not to exceed five hundred
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South Dakota § 34-12-45 (Escrow of fees.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1998, ch 206, § 6.
Nearby Sections
15
§ 34-1-1
§ 34-1-1§ 34-1-1.1
Department reorganized and continued.§ 34-1-15
§ 34-1-15§ 34-1-19
Repealed§ 34-1-2
, 34-1-2.1