1996 Regular Session

HOUSE BILL 724

File Code: Commercial Law - Credit Regulation Prior Year Introduction As: SB 216/95 - FIN
Sponsored By:
Delegates Bobo, Pitkin, Goldwater, Arnick, Patterson, Crumlin, Pendergrass, and Turner
Entitled:
Credit Regulation - Lenders - Interest on Escrow Accounts

Synopsis:

Requiring lenders doing business in Maryland who make loans secured by first mortgages or first deeds of trust on any interest in residential real property, and who create or are the assignees of escrow accounts in connection with such loans, to pay interest to borrowers on the funds in the escrow accounts; requiring such lenders to annually provide borrowers with a statement of the escrow balance; and providing for an exception.

Legislative History

House Action
2/1
First Reading Commerce and Government Matters
2/7
Hearing 2/27 at 1:15 p.m.
3/15
Unfavorable Report by Commerce and Government Matters
Senate Action
No Action
Sponsored by:
Delegate Elizabeth Bobo, District 12B
Delegate John S. Arnick, District 7
Delegate Michael A. Crumlin, District 25
Delegate Marilyn Goldwater, District 16
Delegate Obie Patterson, District 26
Delegate Shane Pendergrass, District 13A
Delegate Joan B. Pitkin, District 23
Delegate Frank S. Turner, District 13A
Bill indexed under the following Subjects:
ESCROW ACCOUNTS
INTEREST
LOANS
MORTGAGES
Bill affects the following Statutes:
Commercial Law
( 12-101 , 12-109 )

Documents:

Bill Text:
First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)

Amendments: None available