§ 12-109.1. Prohibited uses of escrow accounts
West's Annotated Code of MarylandCommercial LawEffective: October 1, 2018
Effective: October 1, 2018
MD Code, Commercial Law, § 12-109.1
§ 12-109.1. Prohibited uses of escrow accounts
(e)(1) Subject to paragraph (3) of this subsection, if, after recalculating the amount that is required to be maintained in escrow under a first mortgage or first deed of trust on residential real property, a lender or a servicer of a loan determines that the amount that a borrower is required to pay must increase, the lender or servicer may not include, for a 1-year period after the determination is made, the amount of the increase in escrow payments in any calculation of the amount of interest or any fee due under the loan.
Credits
Added by Acts 1978, c. 428, § 1, eff. July 1, 1978. Amended by Acts 1993, c. 397; Acts 2011, c. 611, § 1, eff. Oct. 1, 2011; Acts 2018, c. 340, § 1, eff. Oct. 1, 2018.
MD Code, Commercial Law, § 12-109.1, MD COML § 12-109.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |