<html> <head> <title>Rule 20:69:12:28 Agent and special escrow account.</title> <META NAME="Keywords" Content="Administrative Rules 20:69:12:28"> <META NAME="Description" Content="Administrative Rules 20:69:12:28 Agent and special escrow account."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:69:12:28.&nbsp;&nbsp;Agent and special escrow account.</b> 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.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 16 SDR 36, effective August 29, 1989; transferred from §&nbsp;20:56:20:29, August 16, 1993.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-89">36-21A-89</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-6">43-15B-6.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-3">43-15B-3</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-6">43-15B-6.</A></p> </div> </body> </html>