- (a) On a written request from or on behalf of the provider or a prospective resident, the escrow agent shall return the amount on deposit to the person who paid the deposit if the reservation agreement is terminated before the prospective resident occupies the living unit.
- (b) Unless the escrow agent receives a written request from or on behalf of a provider or a resident for the return of an entrance fee under Subsection (a), the agent shall, at the provider's discretion, release the fee to the provider or place the fee in a loan reserve fund escrow.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Amended by Acts 1991, 72nd Leg., ch. 14, Sec. 104, eff. Sept. 1, 1991;
Acts 1993, 73rd Leg., ch. 953, Sec. 8, eff. Sept. 1, 1993.
Acts 2025, 89th Leg., R.S., Ch. 836 (S.B. 1522), Sec. 10, eff. January 1, 2026.