Sec. 7. (a) This section applies to an escrow account that contains funds that:
(1) are received from any single party to a real estate transaction; and
(2) in the aggregate are at least ten thousand dollars ($10,000).
(b) A closing agent may make disbursements from an escrow account described in subsection (a) in connection with a real estate transaction only if both of the following apply:
(1) All the funds described in subsection (a) are good funds.
(2) Any funds described in subsection (a) in excess of ten thousand dollars ($10,000) are good funds described in section 4(2) of this chapter.
As added by P.L.92-2009, SEC.1. Amended by P.L.72-2016, SEC.19.
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