Kan. Admin. Regs. § 20-15-2

Current through Register Vol. 44, No. 2, January 9, 2025

Section 20-15-2 - Separate escrow accounts under L. 1986, ch. 306, sec. 2

(a) After moneys subject to provision of L. 1986, ch. 306, sec. 2 are received by the board, a request shall be made by the board, to the director of accounts and reports, that the director establish a separate interest-bearing escrow account for each contract entered.

(b) When an escrow account has insufficient funds to meet all claims presented by victims or their representatives, the escrow account shall be prorated among the victims or their representatives on the basis of the full amount of the unsatisfied claim or partially satisfied claim. No payment shall be made from the escrow account to a victim or a victim's representative until either the amounts of all unsatisfied claims are determined, or it is determined that the payment for an unsatisfied claim will not diminish the escrow account to the extent that other potential victim claims could not be satisfied.

Authorized by L. 1986, ch. 306, sec. 4; implementing L. 1986, ch. 306, sec. 2, 3, 4; effective May 1, 1987.