Summary: H.R.3147 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3147. Bill summaries are authored by CRS.

Shown Here:
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.