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HR 3542 102th Congress House

Escrow Account Reform Act of 1991

Official title: To amend the Real Estate Settlement Procedures Act of 1974 to reflect changes in the mortgage servicing industry and the availability of improved technology to escrow agents, and for other purposes.

Introduced: October 22, 1991 See on congress.gov
Housing and Community Development Administrative procedureBank accountsCivil procedureDamages
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Fines (Penalties)InterestInterest ratesJurisdictionLegal feesMortgage loansPunitive damagesReal 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
Oct 15, 1991
Referred to the Subcommittee on Housing and Community Development.
Oct 10, 1991
Referred to the House Committee on Banking, Finance + Urban Affrs.
Oct 10, 1991
Introduced in House
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 Latest action October 15, 1991

Referred to the Subcommittee on Housing and Community Development.

 Plain-English summary Congressional Research Service

Escrow Account Reform Act of 1992 - Amends the Real Estate Settlement Procedures Act of 1974 to modify the limitation placed on advance deposits in escrow accounts.

Requires any mortgage lender or servicer that establishes or maintains an escrow account in connection with a federally related mortgage loan to pay interest on the balance in such account at a specified minimum annual rate. Cites conditions under which a borrower in connection with a federally related mortgage may terminate an escrow account by submitting a statement certifying that the borrower agrees to make timely payments of all charges paid from the escrow account.

Defines the liability incurred for noncompliance with this Act. Sets forth Federal court jurisdiction over escrow account violations, and identifies the parties with standing to sue (including the borrower).

Requires the Secretary of Housing and Urban Development to: (1) report to the Congress the results of a study regarding standard escrow account management procedures; and (2) promulgate regulations implementing this Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 2 Independent 1
KLECZKA, GERALD
· Oct 22, 1991
 D
Mfume, Kweisi
Maryland · Oct 22, 1991
 I
Sanders, Bernard
Vermont · Oct 22, 1991
 D
Schumer, Charles E.
New York · Oct 22, 1991
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3542: Escrow Account Reform Act of 1991. 102nd Congress. Open America. https://openamerica.io/bill/102-HR-3542/
MLA
"H.R. 3542: Escrow Account Reform Act of 1991." 102nd Congress, 2026, Open America, https://openamerica.io/bill/102-HR-3542/.
Bluebook (legal)
H.R. 3542, 102nd Cong. (2026), https://openamerica.io/bill/102-HR-3542/.
Markdown link
[H.R. 3542: Escrow Account Reform Act of 1991](https://openamerica.io/bill/102-HR-3542/)
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