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  6. Title 7 - Financial Institu...
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  8. Chapter 17 - Interest on Mortgage Loan Reserve ...


Chapter 17 - Interest on Mortgage Loan Reserve Accounts


  • Section 1 - Legislative intent.
  • Section 2 - Definitions.
  • Section 3 - Lender to pay interest -- Exceptions -- Service charges prohibited.
  • Section 4 - Options in lieu of reserve account -- Notice by lender -- Selection by borrower -- Noninterest-bearing reserve account -- Exemption.
  • Section 5 - Statements.
  • Section 6 - Liability of lender for failure to pay taxes, insurance premiums, or other charges.
  • Section 7 - Limit on amount borrower required to pay into account -- Deficiency -- Method of recouping and remedies for default.
  • Section 8 - Damages for lender's violation of act -- Limitations on recovery.
  • Section 9 - Actions on accounts established prior to 1979 -- Limitations on recovery.
  • Section 10 - Applicability of act to accounts and actions thereon.
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