S.D. Admin. R. 20:69:12:28

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:69:12:28 - Agent and special escrow account

An agent shall establish and maintain a special escrow account in a federally insured depository in this state for the deposit of any moneys received from the purchaser. A special escrow account with a federally insured depository doing business in another state may be established upon approval by the commission; but if all sales are conducted in this state, a special escrow account must be established and maintained in this state.

The escrow agreement shall provide that no moneys received from a purchaser may be disbursed until after the expiration of the seven-day period in which a purchaser may rescind the contract. The agreement shall include a statement on the method of disbursement of funds in escrow.

S.D. Admin. R. 20:69:12:28

10 SDR 68, effective 1/1/1984; 12 SDR 102, effective 12/22/1985; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 16 SDR 36, effective 8/29/1989; transferred from

General Authority: SDCL 36-21A-89, 43-15B-6.

Law Implemented: SDCL 43-15B-3, 43-15B-6.