The Commission shall establish an escrow savings account with a local bank or financial institution into which it shall deposit all rents or other funds paid to it within five business days of receipt. The funds shall be held in the escrow savings account until such time as the order of the Commission is complied with; or until the Commission acts on the complaint, or makes other appropriate orders; or until a further order is made by a court of competent jurisdiction. However, the Commission may provide for the payment of the landlord’s mortgage, taxes, and insurance and the cost of heat, water, electricity, and other essential utilities when the expenses become due and payable.
In addition, at its discretion, the Commission may order payment of the full balance to the landlord in cases of unusual hardship. Any interest earned may be used as above provided and, upon payment of the balance to the landlord, the interest shall be remitted to the landlord. Any funds or interest unclaimed by the landlord for more than 90 days after their release by the Commission may be returned to the party or parties. If unclaimed by a party for more than 90 days after notice is given, the funds shall become the property of the town.
(Ord. 187, passed 11-5-79; Am. Ord. 320, passed 10-7-91; Am. Ord. 734, passed 1-17-23)