Skip to main content
HR 27 103th Congress House Housing and Community Development Accounting Administrative procedure Bank accounts Civil procedure Congressional reporting requirements Damages Finance and Financial Sector Fines (Penalties) Interest Interest rates Jurisdiction Legal fees Mortgage loans Punitive damages Real estate business Surety and fidelity

Escrow Account Reform Act of 1993

Introduced: January 5, 1993 See on congress.gov
Sign in to write a letter Sign in to watch
 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
 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.

What's happening now May 19, 1993

Subcommittee Hearings Held.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 3 Independent 1