A bill to require depository institutions to pay promptly all State and local property tax bills for which they are holding funds in escrow.

Requires depository institutions which are holding funds in escrow to pay State and local property taxes to pay such taxes not later than ten days after the due date for such payment. Permits the Board of Governors of the Federal Reserve System to impose a civil penalty of not more than $1,000 for each willful violation by a depository institution. Permits the institution of a civil action for failure to pay any civil penalty assessed.