2497

(a) As used in this section:\n'Escrow agent' means any person in possession of escrow money. 'Escrow money' means any money held by a bank or other financial institution for any real property manager for the purpose of paying property taxes and public sewer system user fees under Title 33, Virgin Islands Code.\n(b) Notwithstanding any other law, all escrow agents shall on a quarterly basis transfer all escrow money held by them to the Lieutenant Governor, beginning with money held in escrow for calendar year 1985 taxes and public sewer system user fees. The Lieutenant Governor shall credit the amount of tax and public sewer system user fee paid each quarter to the property for which it is paid.\n(c) Any escrow agent that fails to comply with this section shall be fined $100 for each quarterly payment which it fails to make as required by this section.