443.453. Financial institutions to pay property tax, how. - Missouri Statutes

Financial institutions to pay property tax, how.

443.453. Financial institutions, as defined in section 381.410, RSMo,which are mortgage servicers, shall pay property tax obligations which theyservice from escrow accounts, as defined in Title 24, Part 3500, Section17, Code of Federal Regulations, in one annual payment before the first dayof January of the year following the year for which the tax is levied.Escrow accounts established between such financial institutions andborrowers are contractually binding and may disallow the payment ofproperty taxes more than once a year as such payments are authorized insection 139.053, RSMo.

(L. 1999 S.B. 386 § 408.620)