Any deposit made in connection with the purchase or reservation in this state of a time share from a person required to deliver a public offering statement pursuant to § 34-41-4.02(c) must be placed in escrow, either in this state or in the state where the time-share project is located, in an account designated solely for that purpose, by a licensed title insurance company, an attorney, a licensed real estate broker, an independent bonded escrow company, or any institution whose accounts are insured until: (1) Delivered to the developer at the time of any final transfer or conveyance of a time-share interest, (2) Delivered to the developer because of the purchaser’s default under a contract to purchase the time share, (3) Refunded to the purchaser, (4) Delivered to the developer in accordance with § 34-41-5.03(c)(5), or (5) Delivered to the developer of substantially completed units as defined in § 34-41-5.03(a), after the expiration of the time for rescission or any later date specified in the contract to purchase the time share.
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