1. (1) Delivered to the developer at the time of any final transfer or conveyance of a time-share interest,
2. (2) Delivered to the developer because of the purchaser’s default under a contract to purchase the time share,
3. (3) Refunded to the purchaser,
4. (4) Delivered to the developer in accordance with § 34-41-5.03(c)(5), or
5. (5) Delivered to the developer of substantially completed units as defined in § 34-41-5.03(a), after the expiration of the time for rescission or any later date specified in the contract to purchase the time share.

Any deposit made in connection with the purchase or reservation in this state of a time share from a person required to deliver a public offering statement pursuant to § 34-41-4.02(c) must be placed in escrow, either in this state or in the state where the time-share project is located, in an account designated solely for that purpose, by a licensed title insurance company, an attorney, a licensed real estate broker, an independent bonded escrow company, or any institution whose accounts are insured until:

History of Section.
P.L. 1984, ch. 141, § 2; P.L. 1989, ch. 542, § 86.