Section 384:16-c Interest on Escrow Accounts. - New Hampshire Statutes

Any bank which requires or accepts moneys for deposit in escrow accounts maintained for the payment of taxes or insurance premiums related to loans on property secured by real estate mortgages shall credit each such escrow account with interest at a minimum rate set for a 6-month period by the bank commissioner on February 1 and August 1 of each year which shall be one percent below the mean interest rate paid by New Hampshire chartered banks on regular savings accounts. The commissioner shall announce such rate to applicable New Hampshire trade associations. Each bank subject to the provisions of this section shall inform itself of such rate by contacting applicable New Hampshire trade associations or the banking department.

Source. 1973, 566:2. 1985, 311:1. 1992, 108:1. 2003, 165:5. 2004, 231:4, eff. June 11, 2004.