HR 3147
101th Congress
House
Housing and Community Development
Commerce
Federally-assisted loans
Fines (Penalties)
Government paperwork
Housing finance
Mortgage loans
Real estate business
Escrow Account Statement Act
Introduced: August 4, 1989
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 15, 1989
Referred to the Subcommittee on Housing and Community Development.
Aug 4, 1989
Referred to the House Committee on Banking, Finance + Urban Affrs.
Aug 4, 1989
Introduced in House
Plain-English summary
Escrow Account Statement Act - Amends the Real Estate Settlement Procedures Act of 1974 to mandate that an escrow servicer or lender that has established an escrow account in connection with a federally related mortgage loan submit to the borrower statements which clearly itemize: (1) at the opening or closing of the account, the charges which are reasonably anticipated to be paid from the account; and (2) annually, the amounts actually paid from such account as well as the annual balance. Establishes a civil penalty for failure to submit such itemized statements.
Prohibits a lender from imposing preparation fees for escrow account statements.
What's happening now
Referred to the Subcommittee on Housing and Community Development.
Committees of jurisdiction
2