NAC598.010. Escrow accounts: Establishment; deposits; exceptions.

     1. A dealer in mobile homes shall establish an escrow account by not later than the close of business on the fourth business day after a purchaser signs a purchase order, conditional sales contract or security agreement.

     2. The dealer shall deposit any initial payment which he or she receives into the escrow account at the time the escrow account is established. The dealer shall deposit any subsequent payment which he or she receives, including the proceeds of a conditional sales contract or other security agreement, into the escrow account not later than the close of business on the first business day after receiving the payment.

     3. Subsection 1 does not apply to the sale or exchange of a mobile home between licensed dealers if the mobile home is part of the inventory of one of the licensed dealers.

     4. Subsection 1 does not imply that a certificate of ownership for a mobile home must be delivered to the purchaser through escrow as a condition of escrow. However, a release or consent executed by any holder of a prior right, title or interest in the mobile home must be obtained as a condition of escrow.

     [Mfd. Housing Div., Escrow Accounts Reg. §§ 2.1-2.3, eff. 12-30-81]