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HR 2373 102th Congress House

Escrow Deposit Act of 1991

Official title: To amend the Real Estate Settlement Procedures Act of 1974 to limit the amount of advance deposits that may be deposited in escrow accounts, require lenders to… Show full official titleShow less

Official title: To amend the Real Estate Settlement Procedures Act of 1974 to limit the amount of advance deposits that may be deposited in escrow accounts, require lenders to pay interest on advance deposits in escrow accounts, and provide for effective enforcement of such provisions, and for other purposes.

Introduced: May 16, 1991 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
Housing and Community Development Bank accountsCivil actions and liabilityInterestInterest rates
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Legal feesMortgage loansReal estate businessSurety and fidelity
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This bill died when the 102nd Congress ended
It never became law before the 102nd Congress (1991–1992) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action June 3, 1991

Referred to the Subcommittee on Housing and Community Development.

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 2
D
Mfume, Kweisi
Maryland · May 16, 1991
 D
Waters, Maxine
California · May 16, 1991
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2373: Escrow Deposit Act of 1991. 102nd Congress. Open America. https://openamerica.io/bill/102-HR-2373/
MLA
"H.R. 2373: Escrow Deposit Act of 1991." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-HR-2373/.
Bluebook (legal)
H.R. 2373, 102nd Cong. (2026), https://openamerica.io/bill/102-HR-2373/.
Markdown link
[H.R. 2373: Escrow Deposit Act of 1991](https://openamerica.io/bill/102-HR-2373/)
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