Section 26-C1121. ESCROW ACCOUNTS

Latest version.

1121.1A borrower may elect not to make escrow payments to the mortgage lender when the borrower has made a down payment equaling twenty percent (20%) or more of the total purchase price of the property or has an equity interest in the property equal to, or greater than, twenty percent (20%) of the fair market value of the property.

1121.2A mortgage lender may not impose a penalty or fee, including an increase in interest or other finance charges, when a borrower is not required, pursuant to section 16 of the Act, to make advance payments of real estate taxes or insurance premiums.

source

Final Rulemaking published at 56 DCR 4356, 4374 (June 5, 2009).

                    
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