Rhode Island General Laws 19-9-2.1. Mortgage billing – Payment allocation
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All monthly billing by mortgagees to mortgagors must show the allocation of the mortgagor‘s prior monthly payment to principal, interest, and escrow, if applicable.
History of Section.
P.L. 2006, ch. 636, § 1.
Terms Used In Rhode Island General Laws 19-9-2.1
- 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.