Text: SF02193 Text: SF02195 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 535B.11, Code 2001, is amended by
1 2 adding the following new subsection:
1 3 NEW SUBSECTION. 2A. Establish an interest-bearing escrow
1 4 account at a state or federally regulated financial
1 5 institution to receive any deposits from the mortgagor
1 6 pursuant to an escrow agreement executed on or after July 1,
1 7 2002, in connection with a loan as defined in section 535.8,
1 8 subsection 1, with interest on those funds calculated on a
1 9 daily basis at the rate the financial institution pays to its
1 10 depositors on ordinary savings accounts.
1 11 EXPLANATION
1 12 This bill amends Code section 535B.11 to require that a
1 13 licensee or other mortgagee who services mortgages on
1 14 residential real estate located in this state and who receives
1 15 escrow payments from borrowers pursuant to an escrow agreement
1 16 executed on or after July 1, 2002, in connection with certain
1 17 home loans, must establish an interest-bearing escrow account
1 18 at a state or federally regulated financial institution that
1 19 pays interest to the borrower on those funds, calculated on a
1 20 daily basis at the rate paid to depositors on ordinary savings
1 21 accounts at the financial institution. Mortgagees who fail to
1 22 comply with the bill's provisions are subject to suspension or
1 23 revocation of their licenses.
1 24 LSB 5686XS 79
1 25 av/pj/5
Text: SF02193 Text: SF02195 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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