A bill to provide that interest shall be paid on funds placed in escrow for purposes of paying taxes and insurance on residential real property and certain other types of property.
Escrow Interest Act - Requires any person who holds a first lien on single-family residential real property, on stock in a residential cooperative housing corporation, or on a residential manufactured home and who requires funds to be held in escrow for purposes of paying any applicable taxes or insurance, to place such funds in an account which is insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration and which pays interest at a rate of not less than five and one-quarter percent.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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