Florida Regulations 69O-193.023: Escrow Agreements and Amendments
Current as of: 2024 | Check for updates
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(1) Each escrow agreement or amendment required by Florida Statutes Chapter 651, shall be filed and approved by the Office prior to its use in this state.
(2) Each escrow agreement or amendment must be signed by:
(a) The provider;
(b) The escrow agent, which must be a financial institution or trust acceptable to the Office.
(3) Each escrow agreement, in addition to all other requirements of law, must contain:
(a) The escrow account number, which may be added to the agreement after the form of the agreement has been approved by the Office;
(b) A physical location in Florida where the funds may be accessed; and
(c) A statement citing the specific provision of Florida Statutes Chapter 651, for which the escrow agreement is drawn and for which the escrow account is established.
Rulemaking Authority Florida Statutes § 651.015(3). Law Implemented 651.022, 651.023, 651.033 FS. History-New 7-16-92, Formerly 4-193.023, Amended 9-15-05, Amended 3-12-20.
Terms Used In Florida Regulations 69O-193.023
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
(a) The provider;
(b) The escrow agent, which must be a financial institution or trust acceptable to the Office.
(3) Each escrow agreement, in addition to all other requirements of law, must contain:
(a) The escrow account number, which may be added to the agreement after the form of the agreement has been approved by the Office;
(b) A physical location in Florida where the funds may be accessed; and
(c) A statement citing the specific provision of Florida Statutes Chapter 651, for which the escrow agreement is drawn and for which the escrow account is established.
Rulemaking Authority Florida Statutes § 651.015(3). Law Implemented 651.022, 651.023, 651.033 FS. History-New 7-16-92, Formerly 4-193.023, Amended 9-15-05, Amended 3-12-20.