Source: https://www.law.cornell.edu/cfr/text/12/572.5
Timestamp: 2015-07-02 19:28:17
Document Index: 309594844

Matched Legal Cases: ['art 572', '§ 572', '§ 572', 'art 572', '§ 1462', '§ 1462', '§ 1463', '§ 1464']

12 CFR 572.5 - Escrow requirement. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter V › Part 572 › Section 572.5 12 CFR 572.5 - Escrow requirement.
§ 572.5
If a savings association requires the escrow of taxes, insurance premiums, fees, or any other charges for a loan secured by residential improved real estate or a mobile home that is made, increased, extended, or renewed on or after October 1, 1996, the savings association shall also require the escrow of all premiums and fees for any flood insurance required under § 572.3. The savings association, or a servicer acting on behalf of the savings association, shall deposit the flood insurance premiums on behalf of the borrower in an escrow account. This escrow account will be subject to escrow requirements adopted pursuant to section 10 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2609) (RESPA), which generally limits the amount that may be maintained in escrow accounts for certain types of loans and requires escrow account statements for those accounts, only if the loan is otherwise subject to RESPA. Following receipt of a notice from the Director of FEMA or other provider of flood insurance that premiums are due, the savings association, or a servicer acting on behalf of the savings association, shall pay the amount owed to the insurance provider from the escrow account by the date when such premiums are due.
Title 12 published on 2015-01-01.No entries appear in the Federal Register after this date, for 12 CFR Part 572.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1462 - Definitions§ 1462a - Administrative provisions§ 1463 - Supervision of savings associations§ 1464 - Federal savings associations