Bill Title: Amends the Mortgage Escrow Account Act. Provides that a mortgage lender that complies with the escrow account requirements in Title 12 CFR Part 1026 for a mortgage loan that is a higher-priced mortgage loan is deemed to be in compliance with a provision regarding notification by a mortgage lender to a borrower about terminating or continuing such escrow account. Provides that the borrower shall not have the right to terminate any escrow account arrangement in conjunction with a mortgage loan that is a higher-priced mortgage loan unless the borrower has met all of the conditions for cancellation of an escrow account for a higher-priced mortgage loan in Title 12 CFR Part 1026. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0322 [HB2717 Detail]

Text: Latest bill text (Chaptered) [HTML]

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