Homeowners' Escrow Payments Assurance Act

Summary

Homeowners' Escrow Payments Assurance Act - Amends the Real Estate Settlement Procedures Act of 1974 to impose: (1) treble damages for noncompliance with statutory requirements pertaining to the servicing of federally related mortgage loans and escrow accounts administration; and (2) a civil penalty for each day of insurance coverage lapse that results from failure of a mortgage servicer to timely make payments from mortgagor's escrow account. Earmarks the fines thus collected for assistance to: (1) low-income families for the acquisition of a principal residence; and (2) nonprofit organizations that engage in legal advocacy relating to consumer rights' protection.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 February 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 7 February 2003

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• Introduced in House

  summary · EN · 7 February 2003

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