Time limit for deposit of escrow funds; records required

(a) Within three business days of receipt a licensee shall deposit all fees and money received from a borrower prior to the time a loan is consummated in an escrow account in a bank, savings bank, savings and loan association or credit union incorporated under the laws of this state, or organized under the laws of the United States or another state. (b) For each borrower the licensee shall maintain a separate record of all money received for any service performed or to be performed, including any payment to a third party, setting forth: (1) The date the money was received; (2) the amount of money received; (3) the date the money was deposited in the escrow account; and (4) the date, description, and justification for each disbursement. (c) Upon the request of a borrower, a copy of the record required by subsection (b) shall be provided to the borrower: (1) Within five business days of consummation of the loan; or (2) within five business days of receipt of written notice of the borrower's intention to withdraw from the loan transaction.