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HR 3542 102th Congress House Housing and Community Development Administrative procedure Bank accounts Civil procedure Damages Fines (Penalties) Interest Interest rates Jurisdiction Legal fees Mortgage loans Punitive damages Real estate business Surety and fidelity

Escrow Account Reform Act of 1991

Introduced: October 10, 1991 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
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
 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.

What's happening now October 15, 1991

Referred to the Subcommittee on Housing and Community Development.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Independent 1