B.__In lieu of any escrow required by this section, the escrow agent may accept a surety bond issued by a company authorized and licensed to do business in this State in an amount equal to or in excess of the funds that would otherwise be placed in the escrow account pursuant to this section.

C.__As used in this subsection, "independent escrow agent" means a financial institution whose accounts are insured by a governmental agency or instrumentality; an attorney; or a licensed title insurance company, in which:

(1)__The escrow agent is not a relative or an employee of the developer or managing entity or of any officer, director, affiliate or subsidiary of the developer or managing entity;

(2)__There is no financial relationship, other than the payment of fiduciary fees or as otherwise provided in this section, between the escrow agent and the developer or managing entity or any officer, director, affiliate or subsidiary of the developer or managing entity; and

(3)__Compensation paid by the developer to the escrow agent for services rendered is not paid from funds in the escrow account.

D.__For purposes of paragraph C, an independent escrow agent may not be disqualified to serve as escrow agent solely because:

(1)__The escrow agent provides the developer or managing entity with routine banking services that do not include construction or receivables financing or any other lending activities;

(2)__A nonemployee, attorney-client relationship exists between the developer or managing entity and the escrow agent; or

(3)__The escrow agent performs closings for the developer or issues owner's or lender's title insurance commitments or policies in connection with such closings.