South Dakota § 34-12-45 - Escrow of fees.
Full text of South Dakota South Dakota Codified Laws § 34-12-45 — Escrow of fees., with citation guidance and answers to common questions.
§ 34-12-45. Escrow of fees.
Any provider proposing to develop a new continuing care retirement community, which has not previously been in operation in this state, shall establish an escrow account with a bank in this state. Any entrance fees or portions of the entrance fees collected from prospective residents before the commencement of operation of the planned facility shall be deposited in this account. Escrowed deposits may not be released to the provider until completion of construction of the facility as evidenced by certificates of occupancy or other permits to commence operation. Deposits shall be released to prospective residents within thirty days of a receipt of a written notice of cancellation. The provider may retain any accrued interest from canceled deposits and a service fee not to exceed five hundred dollars. A copy of the escrow agreement shall be filed with the director of the Division of Insurance.
Source: SL 1998, ch 206, § 6.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 34-12-45
What does South Dakota Codified Laws § 34-12-45 cover?
Section 34-12-45 ("Escrow of fees.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 34-12-45?
A common citation format is "South Dakota Codified Laws § 34-12-45" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 34-12-45 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.