H.R. 650 — Homeowners' Escrow Payments Assurance Act

Summary

Homeowners' Escrow Payments Assurance Act - Amends the Real Estate Settlement Procedures Act of 1974 to impose: (1) treble damages for noncompliance with statutory requirements pertaining to the servicing of federally related mortgage loans and escrow accounts administration; and (2) a civil penalty for each day of insurance coverage lapse that results from failure of a mortgage servicer to timely make payments from mortgagor's escrow account.

Earmarks the fines thus collected for assistance to: (1) low-income families for the acquisition of a principal residence; and (2) nonprofit organizations that engage in legal advocacy relating to consumer rights' protection.

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Legislative Actions

2003-02-07
Introduced in House
2003-02-07
Introduced in House
2003-02-07
Referred to the House Committee on Financial Services.
2003-02-27
Referred to the Subcommittee on Housing and Community Opportunity.

Homeowners' Escrow Payments Assurance Act

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Summary

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