Texas Health and Safety Code 246.071 – Entrance Fee Escrow Account; Escrow Agent
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(a) Before a provider may accept the payment of a deposit made under a reservation agreement or any portion of an entrance fee, the provider must establish an entrance fee escrow account with a bank or trust company, as escrow agent, that is located in this state.
(b) The provider shall deposit with the escrow agent any deposit or any portion of an entrance fee received by the provider not later than 72 hours after the provider receives the deposit or fee.
Terms Used In Texas Health and Safety Code 246.071
- Escrow: Money given to a third party to be held for payment until certain conditions are met.