SENATE BILL 182

File Code: Commercial Law - Generally Prior Year Introduction As: SB 376/95 - FIN

Sponsored By:

Senators Ruben and Frosh

Entitled:

Residential Mortgages - Interest on Escrow Accounts

Synopsis:

Repealing the exemption of out-of-state lenders which lend money secured by a first mortgage or first deed of trust on any interest in residential real property and which create or are the assignee of an escrow account in connection with the loan from paying interest on funds in escrow accounts to borrowers; repealing a definition; and applying the Act to loans that are in existence on or after the effective date of the Act.

Legislative History

Senate Action

1/19

First Reading Finance

Hearing 1/31 at 3:00 p.m.

2/23

Unfavorable Report by Finance

House Action

No Action

Sponsored by:

Senator Ida G. Ruben, District 20

Senator Brian E. Frosh, District 16

Bill indexed under the following Subjects:

ESCROW ACCOUNTS

EXEMPTIONS

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