legislation: 102-hr-2373

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
102-hr-2373 102 hr 2373 Escrow Deposit Act of 1991 Housing and Community Development 1991-05-16 1991-06-03 Referred to the Subcommittee on Housing and Community Development. House Rep. Sanders, Bernard [I-VT-At Large] VT I S000033 3 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. 2025-08-26T15:17:51Z  

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