2008 Regular Session

HOUSE BILL 51

File Code: Commercial Law - Credit Regulation
Sponsored By:
Delegate Montgomery
Entitled:
Credit Regulation - Residential Mortgages - Interest on Escrow Accounts

Synopsis:

Requiring a person that holds a loan secured by a first mortgage or first deed of trust on any interest in real property located in the State to pay a specified rate of interest to the borrower on funds held in escrow in connection with the loan; requiring a person that holds a mortgage loan to provide borrowers with a statement of the escrow balance annually; exempting specified persons from the provisions of the Act; applying the Act prospectively; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occuring in the Chambers otherwise Calendar date is used.
House Action
8/28
Pre-filed
1/9
First Reading Economic Matters
1/23
Hearing 2/7 at 1:00 p.m.
2/7
Hearing cancelled
2/13
Hearing 3/13 at 1:00 p.m.
3/22
Unfavorable Report by Economic Matters
Senate Action
No Action

Bill indexed under the following Subjects:

Escrow Accounts
Finance Companies
Interest
Mortgages
Records -see also- Land Records; Vital Records

Bill affects the following Statutes:

Commercial Law
( 12-101 , 12-109 , 12-1001 , 12-1026 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal and Policy Note (Displayed in PDF Format): Available
Amendments: None offered