ARSD 20:69:12:30. Developer and special escrow account

A developer shall establish and maintain a special escrow account with a bank, licensed escrow company, or a trust company in this state. A special escrow account with a bank, licensed escrow company, or trust company doing business in another state may be established upon approval by the commission. The developer shall place in the special escrow account all funds, except those excluded by §20:69:12:33, paid by the purchasers of time-share ownership or use plans or submit to the commission for approval a financial plan for the protection of the purchasers.