Section 710IAC2-5-2. Escrow accounts

   All escrow accounts required under IC 23-2-4-10 shall comply with the following:

(1) An escrow agreement shall be entered into between the provider and a bank or trust company, or any other person approved by the commissioner by order, as escrow agent. The agreement shall state that its purpose is to protect the contracting party, and provide for the escrow agent to release and pay over the funds to the provider or contracting party as required under IC 23-2-4-10.

(2) Checks shall be made payable to the escrow agent; or endorsed to the escrow agent for deposit only by the provider.

(3) The account shall be established with an escrow agent, and the funds shall be kept and maintained in an account separate and apart from the provider's business accounts.

(4) All proceeds so deposited shall remain the property of the contracting party and shall not be subject to any liens or charges by the escrow agent, or judgments, garnishments, or creditor's claims against the provider until released pursuant to IC 23-2-4-10.

(5) The escrow agent shall provide a statement of the escrow account to the commissioner at his request.

(Securities Division; 710 IAC 2-5-2; filed Jan 30, 1985, 9:33 am: 8 IR 613; readopted filed May 31, 2002, 11:34 p.m.: 25 IR 3462; readopted filed Dec 2, 2008, 9:01 a.m.: 20081224-IR-710080819RFA; readopted filed Sep 23, 2015, 2:54 p.m.: 20151021-IR-710150280RFA)