Tennessee § 62-13-323 - Escrow account — Waiver.
Full text of Tennessee Tennessee Code Annotated § 62-13-323 — Escrow account — Waiver., with citation guidance and answers to common questions.
§ 62-13-323. Escrow account — Waiver.
The principal broker of a real estate firm that does not engage in activities that require the acceptance of any funds belonging to others may receive from the Tennessee real estate commission a waiver from § 62-13-321. Upon receipt of a waiver by the Tennessee real estate commission pursuant to subsection (a), a principal broker may close the real estate firm's escrow account. The principal broker of a real estate firm authorized pursuant to this section to operate without an escrow account may accept funds belonging to others subject to the following: The principal broker shall open an escrow account within one (1) business day of accepting the deposit and deposit the funds into the newly opened escrow account on the same day; and The principal broker shall notify the Tennessee real estate commission within one (1) business day after opening a new escrow account and shall provide the following information: The name and address of the bank where the new escrow account was opened; The name of the new escrow account; and The account identification number of the new escrow account. A principal broker who opens an escrow account pursuant to subsection (c) shall acknowledge responsibility to operate under all the requirements of § 62-13-321. No principal broker may obtain a waiver pursuant to subsection (a) for the same real estate firm more than once each license renewal period. Acts 2002, ch. 553, § 1.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 62-13-323
What does Tennessee Code Annotated § 62-13-323 cover?
Section 62-13-323 ("Escrow account — Waiver.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 62-13-323?
A common citation format is "Tennessee Code Annotated § 62-13-323" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 62-13-323 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.