Financial Institutions - Mortgage Servicers - Insurance Proceeds
What this bill does
Requiring a mortgage servicer that receives certain insurance proceeds to deposit the proceeds into a certain interest bearing account; requiring a borrower to elect the use of the interest earnings on the insurance proceeds; requiring certain interest earnings to begin accruing by a certain date; authorizing a mortgage servicer to charge a fee for disbursement of interest earnings subject to certain limitations; and requiring certain methods and procedures for disbursement of insurance proceeds and interest earnings.
Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.