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18-14-407. Escrow accounts — Other financial assurances.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-14-407. Escrow accounts — Other financial assurances.
(a) Any deposit made with the purchase or reservation of a time-share interest from a developer shall be placed in a noninterest-bearing escrow account and held in this state, or other jurisdiction that is acceptable to the Arkansas Real Estate Commission, in a designated account by an independent bonded escrow company or in an institution whose accounts are insured by a governmental agency or instrumentality until:
(1) Delivered to the developer at the end of the time for rescission or a later time specified in a contract or sale;
(2) Delivered to the developer because of the purchaser's default under a contract to purchase the time-share interest; or
(3) Refunded to the purchaser.
(b)(1) In lieu of any escrows required by this section, the commission has the discretion to accept other financial assurances, including a surety bond, or a cash deposit in an amount equal to the escrow requirements of this section.
(2) Interest earned on a surety bond or other deposit while deposited with, or for the benefit of, the commission becomes the property of the commission and is deposited into the Real Estate Recovery Fund in § 17-42-403.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-14-407
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:18-14-407
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 13c2d65f0323f658d306f695567f8e5c4bd4b8f9f5e89a3f83653e780cd8b4fd
Source location: content.xml paragraph 2991
Stored source content
18-14-407. Escrow accounts — Other financial assurances.
(a) Any deposit made with the purchase or reservation of a time-share interest from a developer shall be placed in a noninterest-bearing escrow account and held in this state, or other jurisdiction that is acceptable to the Arkansas Real Estate Commission, in a designated account by an independent bonded escrow company or in an institution whose accounts are insured by a governmental agency or instrumentality until:
(1) Delivered to the developer at the end of the time for rescission or a later time specified in a contract or sale;
(2) Delivered to the developer because of the purchaser's default under a contract to purchase the time-share interest; or
(3) Refunded to the purchaser.
(b)(1) In lieu of any escrows required by this section, the commission has the discretion to accept other financial assurances, including a surety bond, or a cash deposit in an amount equal to the escrow requirements of this section.
(2) Interest earned on a surety bond or other deposit while deposited with, or for the benefit of, the commission becomes the property of the commission and is deposited into the Real Estate Recovery Fund in § 17-42-403.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-403. Creation — Administration.
There is created and established the “Real Estate Recovery Fund”, which shall be maintained and administered by the Arkansas Real Estate Commission as provided in this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-42-403. This identifies an authority to review, not proof of applicability.