1. Loan provisions required. A mortgage deed resulting from a mortgage loan must contain provisions for payment of interest on the escrow balance in accordance with Title 9?B, section 429 if:
A. The mortgage is on owner-occupied residential property of not more than 4 units; and [PL 1991, c. 118, §1 (NEW).]
B. The loan or note requires payments into a mandatory escrow account. [PL 1991, c. 118, §1 (NEW).]

[PL 1991, c. 118, §1 (NEW).]

Terms Used In Maine Revised Statutes Title 33 Sec. 504

  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
2. Applicability. The requirements of this section apply to any residential mortgage deed dated on or after January 1, 1992.

[PL 1991, c. 118, §1 (NEW).]

SECTION HISTORY

PL 1991, c. 118, §1 (NEW).