Regulation .06 Creation of Reserve Account.
Regulation .06 Creation of Reserve Account.LinkCopy Citation
Upon execution of a participation agreement between the Department and the lender, the Department shall establish a federally insured reserve account with the lender in the name of the Department, for the purpose of receiving all:
A.
Required premium charges to be paid by the lender and the borrower;
B.
Transfers made by the Department under this chapter.