North Dakota Code 6-08-29 – Annual escrow account statement
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Each banking institution and credit union that maintains an escrow account for the payment of taxes, assessments, insurance premiums, and other charges upon the mortgagor‘s residence shall furnish annually each mortgagor with a detailed statement showing all debits and credits to the escrow account.
Terms Used In North Dakota Code 6-08-29
- Banking: means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler's checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange. See North Dakota Code 6-01-02
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.