Interest to be paid on funds held in escrow

  1. Law
  2. Maine Revised Statutes
  3. MAINE CONSUMER CREDIT CODE
  4. CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES
  5. REGULATION OF AGREEMENTS AND PRACTICES
  6. Interest to be paid on funds held in escrow

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§9-305. Interest to be paid on funds held in escrow

A creditor, including any of its assignees, that enters into consumer credit transactions secured by a mortgage on real estate and which holds funds of a mortgagor in an escrow account for the payment of taxes or insurance premiums, either on its own behalf or on behalf of another mortgagee, shall pay interest on those funds in accordance with Title 9‑B, section 429.   [PL 1987, c. 396, §12 (NEW).]

SECTION HISTORY

PL 1987, c. 396, §12 (NEW).


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