1. An Escrow Account will be opened in the name of the project and will be dedicated exclusively to the construction of that Real Estate Development project. No attachment may be imposed on the payments deposited in this account for the beneﬁt of the creditors of the Developer.
2. In the event of multiple projects implemented by the Developer, each project must have a separate Escrow Account.
1. The Department will maintain a special register known as the "Register of Escrow Agents" in which are entered the names of Escrow Agents.
2. An Escrow Agent must be qualiﬁed to manage Escrow Accounts.
1. An Escrow Agent must provide the Department with regular statements of the revenue and expenditure of his Escrow Accounts. The Department may, at any time, request any Escrow Agent to provide any information or data it requires, and in all events, the Department may seek assistance from any person it deems appropriate to audit such statements and data.
2. If it is proven to the Department that an Escrow Agent has committed any violation of this Law or of its implementing bylaws, the Department must notify him in writing and specify a time limit for him to remedy such violation.