Upon creation of the written notice under section 47-10.2-02, the servicer shall refund any surplus amount to the borrower within thirty calendar days following the end of the escrow account computation year. The notice required under section 47-10.2-02 must be included when surplus escrow funds are refunded under this section.

Terms Used In North Dakota Code 47-10.2-03

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
  • written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
  • year: means twelve consecutive months. See North Dakota Code 1-01-33
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