Escrow Account Statement Act

Summary

Escrow Account Statement Act - Amends the Real Estate Settlement Procedures Act of 1974 to mandate that an escrow servicer or lender that has established an escrow account in connection with a federally related mortgage loan submit to the borrower statements which clearly itemize: (1) at the opening or closing of the account, the charges which are reasonably anticipated to be paid from the account; and (2) annually, the amounts actually paid from such account as well as the annual balance. Establishes a civil penalty for failure to submit such itemized statements. Prohibits a lender from imposing preparation fees for escrow account statements.

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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 · 4 August 1989

  Open at official source

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