Any deposit made in connection with the purchase or reservation of a timeshare from a developer or other seller must be placed in escrow and held in an account designated solely for that purpose by a company licensed therefor in this state or an institution whose accounts are insured by a governmental agency until: a) delivered to the developer at the expiration of the time for contract of sale; b) delivered to the developer because of purchaser's default under a contract to purchase the timeshare; or c) refunded to the purchaser. (1990 Code)