H.R.3147 - Escrow Account Statement Act101st Congress (1989-1990)
|Sponsor:||Rep. Bennett, Charles E. [D-FL-3] (Introduced 08/04/1989)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 08/15/1989 Referred to the Subcommittee on Housing and Community Development. (All Actions)|
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Summary: H.R.3147 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (08/04/1989)
Escrow Account Statement Act - Amends the Real Estate Settlement Procedures Act of 1974 to mandate that an escrow servicer or lender that has established an escrow account in connection with a federally related mortgage loan submit to the borrower statements which clearly itemize: (1) at the opening or closing of the account, the charges which are reasonably anticipated to be paid from the account; and (2) annually, the amounts actually paid from such account as well as the annual balance. Establishes a civil penalty for failure to submit such itemized statements.
Prohibits a lender from imposing preparation fees for escrow account statements.