As used in this chapter, "escrow account" means a checking account established by a closing agent with a:

1. (1) bank;
2. (2) savings and loan association;
3. (3) credit union; or

4. (4) savings bank;

   that is chartered under the laws of a state or the United States and used exclusively for the deposit and disbursement of funds for an escrow transaction.

As added by P.L.92-2009, SEC.1.