2019 US Virgin Islands Code
Title 9 - Banking
Chapter 5 - Regulation and Supervision of Banks and Foreign Banks
§ 67. Interest on escrow accounts
Universal Citation: V.I. Code tit. 9, § 67 (2019)
(a) Every mortgagee, banking or lending institution requiring a mortgagor to maintain an escrow account for the purpose of paying taxes, insurance or improvements or for insurance settlements or on behalf of the mortgage property, shall pay to or to the account of such mortgagor, interest on the average quarterly balance of such escrow fund at the rate of the prevailing percentage rate credited to the bank's passbook savings accounts.
(b) Any mortgage, bank or lending institution that knowingly violates the provisions of this section shall be fined not more than $25 per account for each day the interest is not credited to the escrow account.
Disclaimer: These codes may not be the most recent version. US Virgin Islands may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
