Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-2 - RULES AND REGULATIONS OF THE COLORADO DIVISION OF FINANCIAL SERVICES PERTAINING TO LIFE CARE INSTITUTIONS
Section 3 CCR 703-2-4.2 - Return of Unreleased Escrows - Time Limit

Universal Citation: 3 CO Code Regs 703-2, ยง 4.2
Current through Register Vol. 47, No. 17, September 10, 2024

Pursuant to C.R.S. 11-49-102(2), funds in escrow required by C.R.S. 11-49-102(1) not otherwise released shall be returned to the persons making payment to the provider no later than 180 days after said payment. Persons making said payments may, in writing, grant extensions to the escrow agent to continue holding funds in escrow. No more than two extensions of 180 days each may be granted by such persons making payment. Therefore, the escrow agent shall return all funds held in escrow to the persons making payment no later than 540 days after said funds were received by the escrow agent. Notwithstanding the above, escrowed funds which, pursuant to a written agreement between a provider and prospective resident, are fully returnable to the prospective resident upon demand shall not be subject to the provisions of this regulation.

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