Sec. 246.071. ENTRANCE FEE ESCROW ACCOUNT; ESCROW AGENT. (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.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1993, 73rd Leg., ch. 953, Sec. 7, eff. Sept. 1, 1993.
Structure Texas Statutes
Subtitle B - Licensing of Health Facilities
Chapter 246 - Continuing Care Facilities
Subchapter D. Entrance Fee and Reserve Fund Escrow Accounts
Section 246.071. Entrance Fee Escrow Account; Escrow Agent
Section 246.072. Return of Deposits; Release or Return of Entrance Fee
Section 246.073. Release to the Provider
Section 246.0735. Phase-in Facilities
Section 246.0736. Continuing Release of Escrow
Section 246.0737. Care in Residence
Section 246.074. Return of Entrance Fee
Section 246.075. Escrow of Application Fee Not Required
Section 246.076. Interest Accrued on Entrance Fee Funds
Section 246.077. Reserve Fund Escrow