Texas Health and Safety Code 246.078 – Release of Reserve Fund Escrow
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(a) The escrow agent may release an amount equal to not more than one-twelfth of the loan reserve fund required by § 246.077 if the provider requests the release in writing.
(b) The escrow agent must give written notice to the board not later than the 11th day before the date of the release.
Terms Used In Texas Health and Safety Code 246.078
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Rule: includes regulation. See Texas Government Code 311.005
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The escrow agent may not release funds from the loan reserve fund escrow under this section more than once during a calendar year. A provider at any time may apply to the commissioner for the withdrawal of all or part of the loan reserve escrow funds. The provider may withdraw the funds on the approval of the withdrawal by the commissioner. The application must be made and the approval given as provided by rule.
(d) The provider must repay to the loan reserve fund escrow account the amount released to the provider under Subsection (a) or (c) not later than 18 months after the date the amount is released. The commissioner may place the provider or facility under supervision under § 246.091 or take any other appropriate action as provided by law if the provider does not repay the loan reserve fund escrow account within the required period.