House Sponsors: HOWARD. Short description: ESCROW ACCOUNT-INTEREST Synopsis of Bill as introduced: Amends the Mortgage Escrow Account Act. Requires a mortgage lender to pay interest to the borrower on escrow accounts for mortgages entered into on and after the effective date of this amendatory Act. Amends the Mortgage Tax Escrow Act. Provides all existing substantive provisions of the Act apply to mortgages entered into before the effective date of this amendatory Act. Adds language providing that for mortgages entered into on and after the effective date of this amendatory Act a lender may hold no more in an escrow account than the amount of taxes and insurance plus one-sixth of the estimated total charges payable from the account in the next 12 months. FISCAL NOTE (Dpt. Financial Institutions) HB706 would have no fiscal impact on the Department. HOUSING AFFORDABILITY IMPACT NOTE This bill has no direct impact on the cost of constructing, purchasing, owning or selling a single-family residence. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status