Indiana Code 5-16-5.5-3.1. Escrow accounts; establishment and maintenance; fee; schedule
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Terms Used In Indiana Code 5-16-5.5-3.1
- Contractor: shall mean any person, firm, limited liability company, or corporation who is party to a contract with a state agency to construct, erect, alter or repair any public building or is any way involved in public work or public improvement. See Indiana Code 5-16-5.5-1
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
Sec. 3.1. The treasurer of state may charge a reasonable fee for services that the treasurer renders in connection with the establishment and administration of escrow accounts. If the treasurer charges such fee, the treasurer shall prepare a fee schedule and make it available to the contractor. Any fee must be paid by the contractor at the time the escrow account is established.
As added by P.L.69-1987, SEC.1.