(a) In accordance with its schedule for similar remittances, any financial institution in which a pooled real estate trust or escrow account has been established under 26 V.S.A. § 2214(c) shall remit the interest accumulated on the account to the Vermont Housing Finance Agency established under 10 V.S.A. chapter 25 to be used in the agency's single family home mortgage programs.

(b) A financial institution may deduct a reasonable remittance fee for transferring funds to the Housing Finance Agency under this section. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)