SB 26 (2025)

Defines the meaning of "deposits" as they pertain to land sales.

According to the Senate Commerce Committee, "Traditionally, builders have accepted funds from buyers for upgrades and luxury items that are not included in the base price of a home. Recently, the Attorney General’s Office began classifying these funds as deposits and they are required to be held in escrow. As a result, builders have taken financial losses, limited consumer choice, or increased home prices. The Committee Amendment clarified these funds could be paid to the builder once an order has been completed without them being held in escrow."