All entrance fees and deposits, when required by this Article, shall be deposited by the provider in an escrow account and shall be maintained in a segregated account without any commingling with other funds, including any funds or accounts owned by the provider. The escrow agent and all terms governing an escrow account shall be approved in advance by the Commissioner.
N.C. Gen. Stat. § 58-64A-100
Escrow account required
Known as the Continuing Care Retirement Communities Act
The act spans §§ 58-64A-1 to 58-64A-95 (77 sections).
2025-58, s. 2.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.