33 §504. Interest on residential mortgage escrow accounts

1. 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 [PL 1991, c. 118, §1 (NEW).] B. The loan or note requires payments into a mandatory escrow account. [PL 1991, c. 118, §1 (NEW).] [PL 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. [PL 1991, c. 118, §1 (NEW).]