§504. Interest on residential mortgage escrow accounts
1.Loan provisions required.
A mortgage deed resulting from a mortgage loan must contain provisions for payment of interest on the escrow balance in
accordance with Title 9-B, section 429 if:
A. The mortgage is on owner-occupied residential property of not more than 4 units; and [1991, c. 118, §1 (NEW).]
B. The loan or note requires payments into a mandatory escrow account. [1991, c. 118, §1 (NEW).]
[
1991, c. 118, §1 (NEW)
.]
2.Applicability.
The requirements of this section apply to any residential mortgage deed dated on or after January 1, 1992.
[
1991, c. 118, §1 (NEW)
.]
SECTION HISTORY
1991, c. 118, §1 (NEW).
Data for this page extracted on 10/16/2012 08:28:20.