34-12-45. Escrow of fees. 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 dollars. A copy of the escrow agreement shall be filed with the director of the Division of Insurance.
Source: SL 1998, ch 206, § 6.
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