NAC645A.270. Transfer of funds between escrow accounts.

     1. A transfer of funds between escrow accounts may not be accomplished by the making of book entries alone but must be accomplished by:

     (a) The wire transfer or writing of a check from one escrow account to the other; and

     (b) The deposit of a check or wire transfer or other form of authorized transfer that is acceptable to the depository institution for the account of, and the writing or electronic generation of a receipt for, the escrow account to which the funds are being transferred.

     2. A transfer between escrow accounts must be properly supported and documented in the escrow records including, without limitation, the reasons for and the appropriate approval of the transfer.

     (Added to NAC by Comm’r of Mortgage Lending by R143-08, eff. 4-20-2010)