64.36.130 - Impoundment of proceeds from sales authorized -- Establishment of trusts, escrows, etc. - Washington Statutes

Impoundment of proceeds from sales authorized — Establishment of trusts, escrows, etc.

(1) The director may by rule require as a condition of registration under this chapter that the proceeds from the sale of the timeshares be impounded until the promoter receives an amount established by the director. The director may by rule determine the conditions of any impoundment required under this section, including the release of moneys for promotional purposes.

     (2) The director, in lieu of or in addition to requiring impoundment under subsection (1) of this section, may require that the registrant establish trusts, escrows, or any other similar arrangement that assures the timeshare purchaser quiet enjoyment of the timeshare unit.

     (3) Impounding will not be required for those timeshare offerors who are able to convey fee simple title, along with title insurance: PROVIDED, That no other facilities are promised in the offering.

[1983 1st ex.s. c 22 § 13.]