§ 1029.17. Deadline for depositing money into escrow account.
(a) Except as provided in subsection (b), a broker shall deposit money belonging to another into one escrow account by the end of the next business day following its receipt in the broker’s office.
(b) If the money of another has been tendered to the broker in the form of a check under an offer to purchase or lease a right subject to the act, the broker may, with the written permission of both the buyer and the seller or the lessee and the lessor, refrain from depositing the money into an escrow account by the deadline in subsection (a) pending the seller’s or lessor’s acceptance of the offer. In those cases, the broker shall deposit the check into an escrow account within 1 business day of the seller’s or lessor’s acceptance of the offer.
(c) A broker shall notify each client of the bank’s name, address and the account number of each account holding escrowed funds related to the sale.
(d) Upon request, a broker shall notify the owner of the escrowed funds of the name, address and account number of the account holding in escrow. For purposes of this subsection, the owner of the escrowed funds is the party that provided the funds to the broker for placement in escrow.
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