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 escrow funds must be deposited in a separate account, although they can be held in a real estate broker's or attorney's regular escrow account if applicable. The bill also clarifies that these escrow funds are protected from attachment by creditors of either the purchaser or the subdivider. The effective date of the act is set for August 1, 2025, upon its passage.

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