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HR 2373 102th Congress House Housing and Community Development Bank accounts Civil actions and liability Interest Interest rates Legal fees Mortgage loans Real estate business Surety and fidelity

Escrow Deposit Act of 1991

Introduced: May 16, 1991 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 3, 1991
Referred to the Subcommittee on Housing and Community Development.
May 16, 1991
Referred to the House Committee on Banking, Finance + Urban Affrs.
May 16, 1991
Introduced in House
 Plain-English summary Congressional Research Service

Escrow Deposit Act of 1991 - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit a servicer or lender that has established an escrow account in connection with a federally related mortgage loan from requiring a borrower to deposit in such account a sum exceeding one sixth of the estimated real estate carrying charges (i.e. taxes, insurance premiums, and so forth).

States that the statutory limitations placed upon advance escrow deposits shall not be construed: (1) to require or permit deposits based on one sixth of each of the estimated real estate carrying charges during a 12-month period, or in any other manner that results in an additional escrow balance exceeding the statutory limit; (2) to require any escrow deposit; or (3) to require any particular deposit amount.

Sets forth a minimum mandatory interest rate to be paid by the servicer of such accounts.

Establishes a right of action to enforce borrower rights under such Act including, at the court's discretion, the award of litigation expenses to the prevailing party.

What's happening now June 3, 1991

Referred to the Subcommittee on Housing and Community Development.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2