This bill amends the existing laws regarding the escrow of deposits in real estate transactions, specifically under the Trade and Commerce statutes. It allows the Department of Justice's Consumer Protection and Antitrust Bureau to authorize the preclosing use of a portion of a deposit held in escrow for specific purposes, including customizations, upgrades, change orders, and similar items, as outlined in the new legal language. The bill modifies RSA 356-A:9-a and RSA 356-B:57 to include provisions that permit this preclosing use, while maintaining the requirement that deposits be held in escrow until settlement or closing.

The amendments specify that the preclosing use of escrow funds can occur under terms set by the bureau, thereby providing flexibility for buyers and sellers in real estate transactions. The bill also clarifies that escrow funds are protected from attachment by creditors of either the purchaser or the subdivider, ensuring that these funds remain secure during the transaction process. The act is set to take effect upon its passage, which is approved for August 1, 2025.

Statutes affected:
Introduced: 356-A:1, 356-B:3
As Amended by the Senate: 356-A:1, 356-B:3, 356-B:57
As Amended by the House: 356-B:57
Version adopted by both bodies: 356-B:57
CHAPTERED FINAL VERSION: 356-B:57