MORTGAGE ESCROW ACCT 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 at the rate
the largest bank with its main banking premises in Illinois pays on
standard savings accounts. Effective immediately.
FISCAL NOTE (Dpt. Financial Institutions)
HB1276 would have no fiscal impact on the Department.
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB1276 fails to create a State mandate
under the State Mandates Act.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status