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HR 27 103th Congress House

Escrow Account Reform Act of 1993

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: January 5, 1993 See on congress.gov
Housing and Community Development AccountingAdministrative procedureBank accountsCivil procedure
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Congressional reporting requirementsDamagesFinance and Financial SectorFines (Penalties)InterestInterest ratesJurisdictionLegal feesMortgage loansPunitive damagesReal estate businessSurety and fidelity
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This bill died when the 103rd Congress ended
It never became law before the 103rd Congress (1993–1994) 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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 1993
Subcommittee Hearings Held.
Jan 14, 1993
Referred to the Subcommittee on Housing and Community Development.
Jan 5, 1993
Referred to the House Committee on Banking, Finance + Urban Affrs.
Jan 5, 1993
Introduced in House
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 Latest action May 19, 1993

Subcommittee Hearings Held.

 Plain-English summary Congressional Research Service

Escrow Account Reform Act of 1993 - 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 of 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 3 Independent 1
D
Neal, Richard E.
Massachusetts · Apr 13, 1994
 I
Sanders, Bernard
Vermont · Mar 8, 1994
 D
Mfume, Kweisi
Maryland · Jan 5, 1993
 D
Schumer, Charles E.
New York · Jan 5, 1993
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 27: Escrow Account Reform Act of 1993. 103rd Congress. Open America. https://openamerica.io/bill/103-HR-27/
MLA
"H.R. 27: Escrow Account Reform Act of 1993." 103rd Congress, 2026, Open America, https://openamerica.io/bill/103-HR-27/.
Bluebook (legal)
H.R. 27, 103rd Cong. (2026), https://openamerica.io/bill/103-HR-27/.
Markdown link
[H.R. 27: Escrow Account Reform Act of 1993](https://openamerica.io/bill/103-HR-27/)
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