New Hampshire amends rules for interest on escrow accounts

Orrick, Herrington & Sutcliffe LLP
Contact

Orrick, Herrington & Sutcliffe LLP

On June 20, New Hampshire enacted HB 520 (the “Act”) to amend provisions relating to escrow accounts maintained by licensed nondepository mortgage bankers, brokers, and servicers. The Act amends guidelines surrounding interest payments to escrow accounts maintained for the payment of taxes or insurance premiums related to loans on single family homes in New Hampshire and property secured by real estate mortgages. For both (single family homes and property) accounts, payments must be at a rate no less than the National Deposit Rate for Savings Accounts. Further, interest payments during the six-month period beginning on April 1 of each year, must be no less than the FDIC published rate in January of the same year, whereas interest payments during the six-month period beginning on October 1 of each year, must be no less than the FDIC published rate in July of the same year. 
 

The Act was effective upon its passage.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick, Herrington & Sutcliffe LLP | Attorney Advertising

Written by:

Orrick, Herrington & Sutcliffe LLP
Contact
more
less

Orrick, Herrington & Sutcliffe LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide