P.R. Laws tit. 23, § 6951g
(a) A special escrow account agreement shall be executed between a financial or cooperative institution in Puerto Rico and the vacation home developer before the execution of any reservation contract or purchase agreement, including the terms agreed on by the parties; provided, however, that the same shall not contravene this chapter. Said contract, or a model thereof, shall be filed with the DACO, together with the model reservation contract or purchase agreement, but the DACO shall not be empowered to review or approve the special escrow account agreement.
(b) The special escrow account agreement may be drafted either in English or Spanish.
(c) Every vacation home developer shall deposit in a financial or savings institution authorized to operate in Puerto Rico the deposits received on account of a reservation contract or a purchase agreement with regards to each project.
(d) The amounts of money that the vacation home developer is required to deposit in a special escrow account shall be deposited within ten (10) business days following the receipt thereof. These amounts of money shall be kept separate from all other operating funds of the vacation home developer. It shall not be possible to draw funds from this account in order for such amounts and their interest, if any, to be immediately refunded to the respective depositor, when appropriate, as agreed in the terms of the reservation contract or purchase agreement, or accredited to the purchase and sale price when the deeds are signed, all according to the manner and procedure provided hereunder.
(e) Notwithstanding the foregoing, the vacation home developer shall be allowed, after having consigned to the DACO the deposit of a bond in an amount to be determined by the DACO for the tourism project in question, to use the funds obtained through the deposits agreed on in the reservation contracts and/or purchase agreements only for expenditures related to the development of the vacation home project.
(f) Deposits shall be refundable to the buyer in cases in which a court or the DACO determines that the vacation home developer engaged in undesirable practices as described herein or in any fraud or deceit with the intention to defraud, regardless of any terms providing otherwise in the reservation contract or purchase agreement.
(g) The provisions of this section shall not apply to exempt special escrow account agreements.
History —Dec. 16, 2009, No. 181, § 10.