Amendment101st Congress
Amendment provided civil penalties for any lender who failed to provide to a borrower a statement regarding his escrow account.
- Amendment Number
- 655
- Description
- Amendment provided civil penalties for any lender who failed to provide to a borrower a statement regarding his escrow account.
- Purpose
- An amendment to provide civil penalties for any lender who fails to submit a statement to a borrower clearly itemizing the estimated taxes, insurance premiums, and other charges anticipated to be paid from the escrow account during the first 12 months afer the establishment of such account. Penalties would include a cost of $50 for each such failure, up to a total cost of $100,000. Intentional failure to provide borrowers with such a statement would incurr a cost of $100 per such failure, with an unlimited maximum total cost.
- Congress
- 101
- Type
- HAMDT
- Latest Action Date
- Jul 31, 1990
- Latest Action Text
- On agreeing to the Bennett amendment (A023) Agreed to by voice vote.
- Latest Action Time
- 20:23:37
- Submitted Date
- Jul 31, 1990
- Chamber
- House of Representatives
- Update Date
- Jul 1, 2021