Section 504 - Interest on residential mortgage escrow accounts1.Loan provisions required. A mortgage deed resulting from a mortgage loan must contain provisions for payment of interest on the escrow balance in accordance with Title 9-B, section 429 if: A. The mortgage is on owner-occupied residential property of not more than 4 units; and [1991, c. 118, §1(NEW).]B. The loan or note requires payments into a mandatory escrow account. [1991, c. 118, §1(NEW).] [1991, c. 118, §1(NEW).]
2.Applicability. The requirements of this section apply to any residential mortgage deed dated on or after January 1, 1992. [1991, c. 118, §1(NEW).]
1991, c. 118, § 1 (NEW) .