finance

Escrow Deposit Rules: 3-72-60 (Kentucky)

Kentucky's rules for contract deposits held by a principal broker. The account must be kept in Kentucky and identified to the Commission in writing. Deposits are made 'without unreasonable delay', defined as within three business days after receipt (201 KAR 11:011). An overdraft not caused by bank charges must be fixed within 72 hours. A disputed deposit may be released by sending every party a certified letter and waiting 60 days, unless a party sues or all sign a mutual release first (KRS 324.111).