LAC 42:III.2513. Escrow Accounts

A. No money or other thing of value shall be paid, remitted, or distributed, directly or indirectly, to a proposed transferee, including a transferee with emergency permission to participate, until the board has approved the transfer and transferee. B. All money or other things of value to be paid, remitted, or distributed, directly or indirectly, to a proposed transferee, including a transferee with emergency permission to participate, shall be placed in escrow in a manner acceptable to the board until the board has approved the transfer and transferee. C. Upon approval of the transfer and transferee, the money or other thing of value held in escrow may be distributed to the transferee. D. If a transfer or transferee is disapproved by the board, any money or thing of value placed in escrow shall be returned to the person depositing the money or other thing of value in escrow. E. A transferee with emergency permission to participate may be paid such compensation for services rendered as has been approved by the board in writing without such compensation being placed in escrow. F. Any violation of this Section shall be grounds to deny the transfer and disapprove the transferee.