28 Tex. Admin. Code § 33.406 - Repayment of Funds Released from Reserve Fund Escrow Account
(a) The provider must repay the reserve fund
escrow account the amount released or withdrawn not later than 18 months after
it is released or withdrawn. The provider shall notify the department of the
repayment by completing and returning CCRC Form #11 (Notice by Provider of
Repayment of Previously Released Funds to the Reserve Fund Escrow
Account).
(b) When the funds have
been repaid, the escrow agent shall submit to the department a completed CCRC
Form #12 (Affidavit of Repayment of Previously Released Funds to the Reserve
Escrow Account).
(c) The escrow
agent shall notify the department if the provider fails to repay the amount
released within the time required within 30 days of the date the repayment was
due.
(d) If the provider fails to
timely repay the amount released to the loan reserve escrow account, the
department may take action against the provider including but not limited to
disciplinary action under the Insurance Code, Article 1.10, §7.
Notes
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