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