La. Admin. Code tit. 46, § LXVII-2901 - Escrow Disputes

A. When a dispute exists in a real estate transaction regarding the ownership or entitlement to funds held in a sales escrow checking account, the broker holding the funds shall send written notice to all parties and licensees involved in the transaction. Within 60 days of the scheduled closing date or knowledge that a dispute exists, whichever occurs first, the broker shall do one of the following:

1. disburse the funds upon the written and mutual consent of all of the parties involved;

2. disburse the funds upon a reasonable interpretation of the contract that authorizes the broker to hold the funds. Disbursement may not occur until 10 days after the broker has sent written notice to all parties and licensees;

3. place the funds into the registry of any court of competent jurisdiction and proper venue through a concursus proceeding;

4. disburse the funds upon the order of a court of competent jurisdiction.

5. disburse the funds in accordance with the Uniform Unclaimed Property Act of 1997 as set forth in R.S. 9:151 et seq.

Notes

La. Admin. Code tit. 46, § LXVII-2901

Promulgated by the Department of Economic Development, Real Estate Commission, LR 26:46 (January 2000), amended by the Office of the Governor, Real Estate Commission, LR 32:1454 (August 2006), LR 33:2422 (November 2007), LR 37:3007 (October 2011), Amended by the Office of the Governor, Real Estate Commission, LR 4253 (1/1/2016), Amended by the Office of the Governor, Real Estate Commission, LR 431163 (6/1/2017).

AUTHORITY NOTE: Promulgated in accordance with R.S. 37:1431 et seq.