In how many business days must an escrow account be established after receiving a payment?

Establishing an escrow account promptly after receiving a payment is a critical part of compliance with Vermont's funeral service laws. The time frame of ten business days is specifically prescribed to ensure that clients' funds are handled appropriately and securely. This timeframe allows sufficient time for businesses to set up the necessary arrangements for managing the payment responsibly, which includes formalizing contracts and ensuring all legal and regulatory requirements are met. Timely establishment of the escrow account helps in safeguarding consumers’ interests by ensuring that their payments are held in trust until they are needed for funeral services, providing financial security and accountability in the practice of funeral service.