§516-33.5 Deposits by lessees. [Section effective until June 30, 2006. For section effective July 1, 2006, see below.] (a) The corporation may require the submission of a deposit by any lessee applying to the corporation for the purchase of a residential lot under this chapter. The amount of the deposit shall be established by rule. All interests earned on deposits submitted by lessees shall accrue to the lessees.

(b) The deposit may be applied by the corporation to payment of appraisal, survey, attorney fees, and any other cost the corporation has incurred as a result of the designation, with the remainder of the deposit to be applied toward the purchase of the owner's fee interest. The corporation shall incur no liability for such deposits under this section. [L 1978, c 140, §3; am L 1983, c 270, §3; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2001, c 60, §3]

§516-33.5 Deposits by lessees. [Section effective July 1, 2006. For section effective until June 30, 2006, see above.] (a) The administration may require the submission of a deposit by any lessee applying to the administration for the purchase of a residential lot under this chapter. The amount of the deposit shall be established by rule. All interests earned on deposits submitted by lessees shall accrue to the lessees.

(b) The deposit may be applied by the administration to payment of appraisal, survey, attorney fees, and any other cost the administration has incurred as a result of the designation, with the remainder of the deposit to be applied toward the purchase of the owner's fee interest. The administration shall incur no liability for such deposits under this section. [L 1978, c 140, §3; am L 1983, c 270, §3; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 2001, c 60, §3; am L 2005, c 196, §26(b)]