New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 47A - BUREAU OF SECURITIES
Subchapter 12A - INTRASTATE OFFERING (CROWDFUNDING) EXEMPTION
Section 13:47A-12A.7 - Escrow account
Universal Citation: NJ Admin Code 13:47A-12A.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) An issuer shall execute an escrow agreement with a bank, savings bank, savings and loan association, or credit union, which institution has a place of business in New Jersey, which provides that:
1. Investor
funds obtained pursuant to
N.J.S.A.
49:3-50(b)(14) will be
deposited in that institution;
2.
All offering proceeds will be released to the issuer only when the aggregate
capital raised from all investors pursuant to
N.J.S.A.
49:3-50(b)(14) is equal to
or greater than the minimum offering amount specified in the issuer's business
plan as necessary to implement the business plan; and
3. All investor funds will be returned within
60 days to investors if that minimum offering amount is not raised by the time
stated in the disclosures required in
N.J.A.C.
13:47A-12A.5(a)8.
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