2013 Idaho Statutes
Title 30 - CORPORATIONS
Chapter 9 - IDAHO ESCROW ACT
Section 30-914 - ACCOUNTS TO BE MAINTAINED -- RECORDS OPEN TO INSPECTION -- RETENTION OF RECORDS -- TRUST ACCOUNT -- INTEREST ON ESCROW ACCOUNTS.
(2) For each individual escrow account, the licensee shall maintain the escrow agreement and all amendments, all instructions affecting the agreement, all related correspondence, and an individual ledger reflecting all activity pertinent to that account.
(3) Each licensee shall continuously maintain the following general accounts:
(5) The records referenced in this section shall be reconciled at least monthly.
(6) All records referenced in this section shall be maintained by the licensee for seven (7) years following the close of each account.
(7) Any interest received on funds deposited with an escrow agency in connection with an escrow must be paid over to the depositing party to the escrow and may not be transferred to an account of the escrow agency. This section shall not limit the right of the escrow agency to contract with the depositing party with respect to the interest received on the deposits by independent agreement.
History:
[30-914, added 2005, ch. 236, sec. 2, p. 722; am. 2008, ch. 311, sec. 2, p. 859.]
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