Under Article (11), an Escrow Agent is required to provide the DLD with periodic statements regarding the account's revenues and expenditures. The DLD reserves the right to request additional information or data at any time. Furthermore, the DLD may…
Under Article (11), an Escrow Agent is required to provide the DLD with periodic statements regarding the account's revenues and expenditures. The DLD reserves the right to request additional information or data at any time. Furthermore, the DLD may engage a third party to audit these records. If an agent violates the law, the DLD must issue a written notice granting them a time limit to remedy the violation, maintaining strict control over the banking side of development.
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