00RS HB1016


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HB 1016 (BR 2694) - J. Barrows

     AN ACT relating to mortgage loan companies and loan brokers.
     Amend KRS 294.130, relating to escrow accounts held by mortgage loan companies for payment of a borrower's taxes or insurance premiums, to require that funds deposited into an escrow account be placed in an interest-bearing account that earns the customary rate of interest prevailing at the time of the deposit; require that interest on the escrow account be applied first to expenses to be paid from the account and any remaining interest credited back to the borrower's account.

     Mar 1-introduced in House
     Mar 2-to Banking and Insurance (H)
     Mar 3-posted in committee

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