REQUIRE INTEREST ON
ESCROW ACCOUNTS
House Bills 5199-5204
Sponsor: Rep. Ken Daniels
Committee: Commerce
Complete to 10-28-02
A SUMMARY OF HOUSE BILLS 5199-5204 AS INTRODUCED 10-11-01
The bills would require financial institutions to pay the same rate of interest on funds deposited on escrow accounts as they do on basic savings accounts in cases where the financial institution requires a borrower to establish and deposit funds into an escrow account as a condition of providing a loan. Each bill would amend a different act regulating financial institutions.
House Bill 5199 would amend the Banking Code of 1999 (MCL 14204a). House Bill 5200 would amend the Savings and Loan Act (MCL 491.737). House Bill 5201 would amend the Savings Bank Act (MCL 487.3430a). House Bill 5202 would amend the Credit Union Act (MCL 490.14a). House Bill 5203 would amend the Secondary Mortgage Loan Act (MCL 493.72a). House Bill 5204 would amend the Mortgage Brokers, Lenders, and Services Licensing Act (MCL 445.1673a).
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.