Escrow Deposit Act of 1991

Summary

Escrow Deposit Act of 1991 - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit a servicer or lender that has established an escrow account in connection with a federally related mortgage loan from requiring a borrower to deposit in such account a sum exceeding one sixth of the estimated real estate carrying charges (i.e. taxes, insurance premiums, and so forth). States that the statutory limitations placed upon advance escrow deposits shall not be construed: (1) to require or permit deposits based on one sixth of each of the estimated real estate carrying charges during a 12-month period, or in any other manner that results in an additional escrow balance exceeding the statutory limit; (2) to require any escrow deposit; or (3) to require any particular deposit amount. Sets forth a minimum mandatory interest rate to be paid by the servicer of such accounts. Establishes a right of action to enforce borrower rights under such Act including, at the court's discretion, the award of litigation expenses to the prevailing party.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 16 May 1991

  Open at official source

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