Maine Revised Statutes Title 33 Sec. 504 – Interest on residential mortgage escrow accounts
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1. Loan provisions required. A mortgage deed resulting from a mortgage loan must contain provisions for payment of interest on the escrow balance in accordance with Title 9?B, section 429 if:
A. The mortgage is on owner-occupied residential property of not more than 4 units; and [PL 1991, c. 118, §1 (NEW).]
B. The loan or note requires payments into a mandatory escrow account. [PL 1991, c. 118, §1 (NEW).]
[PL 1991, c. 118, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 504
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
2. Applicability. The requirements of this section apply to any residential mortgage deed dated on or after January 1, 1992.
[PL 1991, c. 118, §1 (NEW).]
SECTION HISTORY
PL 1991, c. 118, §1 (NEW).