PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Jan 5, 1993
Escrow Account Reform Act of 1993 - Amends the Real Estate Settlement Procedures Act of 1974 to modify the limitation placed on advance deposits in escrow accounts. Requires any mortgage lender or servicer that establishes or maintains an escrow account in connection with a federally related mortgage loan to pay interest on the balance in such account at a specified minimum annual rate. Cites conditions under which a borrower in connection with a federally related mortgage may terminate an escrow account by submitting a statement certifying that the borrower agrees to make timely payments of all charges paid from the escrow account. Defines the liability incurred for noncompliance with this Act. Sets forth Federal court jurisdiction over escrow account violations, and identifies the parties with standing to sue (including the borrower). Requires the Secretary of Housing and Urban Development to: (1) report to the Congress the results of a study of standard escrow account management procedures; and (2) promulgate regulations implementing this Act.
People & committees
Rep. Gonzalez, Henry B. [D-TX-20] · D–TX
Legislative record
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Subcommittee Hearings Held.
Referred to the Subcommittee on Housing and Community Development.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 26, 2025. Consult Congress.gov for the current record.
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