Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2609&num=0&edition=prelim
Timestamp: 2020-01-28 08:07:58
Document Index: 448104154

Matched Legal Cases: ['§ 2609', '§2609', '§10', '§8', '§942', '§2103', '§1098']

[USC02] 12 USC 2609: Limitation on requirement of advance deposits in escrow accounts
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12 USC 2609: Limitation on requirement of advance deposits in escrow accounts Text contains those laws in effect on January 27, 2020
§2609. Limitation on requirement of advance deposits in escrow accounts
A lender, in connection with a federally related mortgage loan, may not require the borrower or prospective borrower-
Any servicer that has established or continued an escrow account in connection with a federally related mortgage loan shall submit to the borrower for which the escrow account has been established or continued a statement clearly itemizing, for each period described in subparagraph (B) (during which the servicer services the escrow account), the amount of the borrower's current monthly payment, the portion of the monthly payment being placed in the escrow account, the total amount paid into the escrow account during the period, the total amount paid out of the escrow account during the period for taxes, insurance premiums, and other charges (as separately identified), and the balance in the escrow account at the conclusion of the period.
In the case of each failure to submit a statement to a borrower as required under subsection (c), the Secretary shall assess to the lender or escrow servicer failing to submit the statement a civil penalty of $50 for each such failure, but the total amount imposed on such lender or escrow servicer for all such failures during any 12-month period referred to in subsection (b) 1 may not exceed $100,000.
If any failure to which paragraph (1) applies is due to intentional disregard of the requirement to submit the statement, then, with respect to such failure-
( Pub. L. 93–533, §10, Dec. 22, 1974, 88 Stat. 1728 ; Pub. L. 94–205, §8, Jan. 2, 1976, 89 Stat. 1158 ; Pub. L. 101–625, title IX, §942(a), Nov. 28, 1990, 104 Stat. 4411 ; Pub. L. 104–208, div. A, title II, §2103(g)(2), Sept. 30, 1996, 110 Stat. 3009–401 ; Pub. L. 111–203, title X, §1098(8), July 21, 2010, 124 Stat. 2104 .)
2010-Subsec. (c)(1)(C). Pub. L. 111–203, which directed amendment of "section 10(c) (12 U.S.C. 2609(c) and (d))" by substituting "Bureau" for "Secretary", was executed by making the substitution only in subsec. (c) as directed.
1996-Subsec. (c)(1)(C). Pub. L. 104–208 substituted "The Secretary" for "Not later than the expiration of the 90-day period beginning on November 28, 1990, the Secretary" in second sentence.
1990-Pub. L. 101–625 designated existing provisions as subsec. (a), inserted heading, and added subsecs. (b) to (d).
1976-Pub. L. 94–205 provided that in addition to amounts required for the payment of taxes, insurance premiums, and other charges due at settlement, the buyer could not be required at settlement to place into an escrow account more than one-sixth of the estimated total amount of such taxes, insurance premiums, and other charges payable within a twelve month period beginning on the date of settlement, but the buyer could be required to make monthly payments into an escrow account sufficient to maintain a surplus of one-sixth of the estimated total amount payable in the coming twelve month period.
Amendment by Pub. L. 94–205 effective Jan. 2, 1976, see section 12 of Pub. L. 94–205, set out as a note under section 2602 of this title.