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2017 New Hampshire Revised Statutes
Title XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter 397-A - LICENSING OF NONDEPOSITORY MORTGAGE BANKERS, BROKERS, AND SERVICERS
Section 397-A:9 - Escrow Accounts.
Universal Citation: NH Rev Stat § 397-A:9 (2017)
397-A:9 Escrow Accounts. –
I. Any licensee that receives funds from a mortgagor to be held in escrow for payment of taxes and insurance premiums shall pay the taxes and insurance premiums of the mortgagor to the appropriate taxing authority and insurance company in the amount required and at the time such taxes and insurance premiums are due, provided that the licensee has been provided with the tax or insurance bills at least 15 days prior to the date such taxes and insurance premiums are due, and the mortgagor has paid to the licensee the amounts required to be paid into the escrow account, as determined by the licensee, for all amounts scheduled to be paid to the licensee prior to the date such taxes and insurance premiums are due.
II. Each licensee shall, through its own effort and expense, determine and notify the mortgagor of the amounts necessary to be paid into the escrow account to assure that sufficient funds will be available for the payment of such taxes and insurance premiums as of the date such payment is due.
III. If the amount held in the escrow account as of the date such taxes and insurance premiums are due is insufficient to pay the taxes and insurance premiums despite compliance by the mortgagor with RSA 397-A:9, I, the licensee shall pay such taxes and insurance premiums from its own funds. The licensee shall then give the mortgagor the option of paying the deficiency over a period of not less than 12 months. The licensee shall not charge or collect interest on such deficiency during the 12-month period.
IV. Persons subject to this chapter that require or accept moneys for deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on single family homes secured by real estate mortgages on property located in New Hampshire shall credit each such escrow account with interest on all existing and future escrow accounts at a rate set for a 6-month period by the commissioner on February 1 and August 1 of each year which shall be one percent below the mean interest rate paid by New Hampshire-chartered depository banks on regular savings accounts. The commissioner shall post the rate on the department's website.
I. Any licensee that receives funds from a mortgagor to be held in escrow for payment of taxes and insurance premiums shall pay the taxes and insurance premiums of the mortgagor to the appropriate taxing authority and insurance company in the amount required and at the time such taxes and insurance premiums are due, provided that the licensee has been provided with the tax or insurance bills at least 15 days prior to the date such taxes and insurance premiums are due, and the mortgagor has paid to the licensee the amounts required to be paid into the escrow account, as determined by the licensee, for all amounts scheduled to be paid to the licensee prior to the date such taxes and insurance premiums are due.
II. Each licensee shall, through its own effort and expense, determine and notify the mortgagor of the amounts necessary to be paid into the escrow account to assure that sufficient funds will be available for the payment of such taxes and insurance premiums as of the date such payment is due.
III. If the amount held in the escrow account as of the date such taxes and insurance premiums are due is insufficient to pay the taxes and insurance premiums despite compliance by the mortgagor with RSA 397-A:9, I, the licensee shall pay such taxes and insurance premiums from its own funds. The licensee shall then give the mortgagor the option of paying the deficiency over a period of not less than 12 months. The licensee shall not charge or collect interest on such deficiency during the 12-month period.
IV. Persons subject to this chapter that require or accept moneys for deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on single family homes secured by real estate mortgages on property located in New Hampshire shall credit each such escrow account with interest on all existing and future escrow accounts at a rate set for a 6-month period by the commissioner on February 1 and August 1 of each year which shall be one percent below the mean interest rate paid by New Hampshire-chartered depository banks on regular savings accounts. The commissioner shall post the rate on the department's website.
Source. 2016, 289:1, eff. Aug. 20, 2016.
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