143-143.50. Escrow or trust account required.
(a) Dealers shall maintain buyers' deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers' deposits in the escrow or trust account.
(b) Dealers shall notify the Board in writing when the escrow or trust account is established. The notification shall include the name and number of the account and the name and location of the bank holding the account.
(c) All buyer funds shall be placed in the escrow or trust account no later than the close of the third banking business day after receipt.
(d) Dealers shall provide buyers with a receipt for all buyer deposits received by the dealer. The receipt shall include the amount of the buyer deposit, the date the deposit was provided to the dealer, and the name and address of the bank where the buyer's funds will be deposited. (2005-451, s. 6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 143 - State Departments, Institutions, and Commissions
Article 9A - North Carolina Manufactured Housing Board Manufactured Home Warranties.
§ 143-143.10 - Manufactured Housing Board created; membership; terms; meetings.
§ 143-143.10A - Criminal history checks of applicants for licensure.
§ 143-143.11 - License required; application for license.
§ 143-143.11A - Notification of change of address, control of ownership, and bankruptcy.
§ 143-143.11B - Continuing education.
§ 143-143.13 - Grounds for denying, suspending, or revoking licenses; civil penalties.
§ 143-143.14 - Hearings; rules.
§ 143-143.15 - Set-up requirements.
§ 143-143.17 - Presenting claims for warranties and substantial defects.
§ 143-143.18 - Warranty service.
§ 143-143.19 - Dealer alterations.
§ 143-143.20 - Disclosure of manner used in determining length of manufactured homes.
§ 143-143.20A - Display of pricing on manufactured homes.
§ 143-143.21A - Purchase agreements; buyer cancellations.
§ 143-143.21B - Dealer cancellation; deposit refund.
§ 143-143.22 - Inspection of service records.
§ 143-143.23 - Other remedies not excluded.
§ 143-143.24 - Engaging in business without license a Class 1 misdemeanor.
§ 143-143.25 - Staff support for Board.
§ 143-143.50 - Escrow or trust account required.
§ 143-143.51 - Use of escrow or trust funds; penalty for violations.
§ 143-143.52 - Minimum requirements for dealer records for escrow or trust accounts at banks.