9-2213.   Time limit for deposit of escrow funds;records required.(a) Within three business days of receipt a licenseeshall deposit all fees and money received from a borrower prior to the time aloan is consummated in an escrow account in a bank, savings bank, savings andloan association or credit union incorporated under the laws of this state, ororganized under the laws of the United States or another state.

      (b)   For each borrower the licensee shall maintain aseparate record of allmoney received for any service performed or to be performed, including anypayment to a third party, setting forth:

      (1)   The date the money was received;

      (2)   the amount of money received;

      (3)   the date the money was deposited in the escrow account; and

      (4)   the date, description, and justification for each disbursement.

      (c)   Upon the request of a borrower, a copy of the record required bysubsection (b) shall be provided to the borrower:

      (1)   Within five business days of consummation of the loan; or

      (2)   within five business days of receipt of written notice of the borrower'sintention to withdraw from the loan transaction.

      History:   L. 1999, ch. 45, § 12;L. 2000, ch. 17, § 6;L. 2001, ch. 88, § 13; Nov. 1.