North Dakota Code 47-10.2-02 – Notice of surplus escrow payments
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If an escrow account is maintained by the servicer of a residential mortgage for a mortgagee, and the account contains a surplus amount, the servicer shall provide written notice to the borrower within thirty calendar days following the end of the escrow account computation year. The information provided to the borrower must include the balance in the escrow account after the annual payment of taxes and special assessments.
Terms Used In North Dakota Code 47-10.2-02
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
- year: means twelve consecutive months. See North Dakota Code 1-01-33