PRINTER'S NO. 2685
No. 2078 Session of 1976
INTRODUCED BY SALOOM, A. K. HUTCHINSON, GARZIA AND BRADLEY,
JANUARY 28, 1976
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE,
JANUARY 28, 1976
AN ACT
1 Requiring the payment of interest on certain accounts by banks,
2 savings and loan associations and other corporate lending
3 institutions and associations.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Escrow accounts or other accounts used by banks,
7 savings and loan associations and corporate lending institutions
8 or associations for the purpose of holding payments on estimated
9 taxes, insurance costs, or interest costs on residential home
10 mortgage transactions shall be paid interest on the average
11 yearly balance of the account at a rate equal to at least 50% of
12 the interest rate being paid on the residential home mortgage
13 loan.
14 Section 2. This act shall take effect immediately.
A21L7CVV/19760H2078B2685