Texas Health and Safety Code 246.074 – Return of Entrance Fee
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Terms Used In Texas Health and Safety Code 246.074
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
The escrow agent shall return an entrance fee to the person who paid it if the fee is not released to the provider or placed in the loan reserve fund escrow required under § 246.077 within:
(1) 36 months after the date on which any portion of the entrance fee is received by the provider; or
(2) a longer time specified by the provider in the disclosure statement delivered with the continuing care contract under which the fee was paid.