Disbursements; requirements for funds of at least $10,000 received from single party

Sec. 7. (a) This section applies to an escrow account that contains funds that:

(1) are received from any single party to a real estate transaction; and

(2) in the aggregate are at least ten thousand dollars ($10,000).

(b) A closing agent may make disbursements from an escrow account described in subsection (a) in connection with a real estate transaction only if both of the following apply:

(1) All the funds described in subsection (a) are good funds.

(2) Any funds described in subsection (a) in excess of ten thousand dollars ($10,000) are good funds described in section 4(2) of this chapter.

As added by P.L.92-2009, SEC.1. Amended by P.L.72-2016, SEC.19.