§504. Interest on residential mortgage escrow accounts
1.
Loan provisions required.
A mortgage deed resulting from a mortgage loan must contain provisions for payment of interest on the escrow balance in accordance with Title 9‑B, section 429 if:
A.
The mortgage is on owner-occupied residential property of not more than 4 units; and
[PL 1991, c. 118, §1 (NEW).]
B.
The loan or note requires payments into a mandatory escrow account.
[PL 1991, c. 118, §1 (NEW).]
[PL 1991, c. 118, §1 (NEW).]
2.
Applicability.
The requirements of this section apply to any residential mortgage deed dated on or after January 1, 1992.
[PL 1991, c. 118, §1 (NEW).]
SECTION HISTORY
PL 1991, c. 118, §1 (NEW).