Escrow Account Reform Act of 1993

Summary

Escrow Account Reform Act of 1993 - Amends the Real Estate Settlement Procedures Act of 1974 to modify the limitation placed on advance deposits in escrow accounts. Requires any mortgage lender or servicer that establishes or maintains an escrow account in connection with a federally related mortgage loan to pay interest on the balance in such account at a specified minimum annual rate. Cites conditions under which a borrower in connection with a federally related mortgage may terminate an escrow account by submitting a statement certifying that the borrower agrees to make timely payments of all charges paid from the escrow account. Defines the liability incurred for noncompliance with this Act. Sets forth Federal court jurisdiction over escrow account violations, and identifies the parties with standing to sue (including the borrower). Requires the Secretary of Housing and Urban Development to: (1) report to the Congress the results of a study of standard escrow account management procedures; and (2) promulgate regulations implementing this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 April 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 22 April 1993

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 January 1993

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.