To amend the Real Estate Settlement Procedures Act of 1974 to prevent unwarranted accumulation of amounts in escrow accounts of homebuyers with federally related mortgage loans.
Interest on Escrow Accounts Deposit Act of 1989 - Amends the Real Estate Settlement Procedures Act of 1974 to reduce the maximum amount of accumulated funds permitted in federally related mortgage loan escrow accounts.
Establishes minimum lender interest rates for such accounts.
Requires lenders to provide borrowers with statements of charges and payments. Prohibits lenders from charging statement fees.
Authorizes civil penalties for violations of this Act.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Housing and Community Development.
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