All money received in escrow prior to disbursement shall be deposited in a trust account maintained in a bank, savings and loan association or credit union located in New Mexico. Such trust accounts shall be maintained separately from those required for operation of the licensee and funds belonging to the licensee. All such money received in escrow may be commingled in one or more trust accounts, provided such funds are separately identifiable to the respective recipients under the escrow agreements.
History: Laws 1983, ch. 135, § 20.
Cross references. — For the Low-Income Housing Trust Act, see 58-18B-1 NMSA 1978.
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