2005 Maine Code - §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 [1991, c. 118, §1 (new).]    
B. The loan or note requires payments into a mandatory escrow account. [1991, c. 118, §1 (new).] [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.[1991, c. 118, §1 (new).]

Section History:

PL 1991,  Ch. 118,   §1 (NEW).