What is the status of HB1378?

Failed as of February 3, 2025. Latest action: Second reading, failed to pass, yeas 14 nays 78 (February 3, 2025).

Where is the official record for HB1378?

On the North Dakota Legislature website: https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1378.html

North Dakota legislation · 69th Legislative Assembly

North Dakota HB1378: A BILL for an Act to create and enact three new sections to chapter 47-10.2 of the North Dakota Century Code, relating to the payment of interest on escrow accounts for residential mortgages; to amend and reenact section 47-10.2-01 of the North Dakota Century Code, relating to definitions for escrow accounts; to provide a penalty; and to provide for application.

Q: What is HB1378?

HB1378 is a bill in the North Dakota Legislature (69th Legislative Assembly): A BILL for an Act to create and enact three new sections to chapter 47-10.2 of the North Dakota Century Code, relating to the payment of interest on escrow accounts for residential mortgages; to amend and reenact section 47-10.2-01 of the North Dakota Century Code, relating to definitions for escrow accounts; to provide a penalty; and to provide for application.

Q: What does HB1378 do?

In its own words: A bill for an Act to create and enact three new sections to chapter 47-10.2 of the North Dakota Century Code, relating to the payment of interest on escrow accounts for residential mortgages; to amend and reenact section 47-10.2-01 of the North Dakota Century Code, relating to definitions for escrow accounts; to provide a penalty; and to provide for application.

Status: Failed, February 3, 2025

Relating to the payment of interest on escrow accounts for residential mortgages; to amend and reenact section 47‑10.2‑01 of the North Dakota Century Code, relating to definitions for escrow accounts; to provide a penalty; and to provide for application.

What the bill says

A bill for an Act to create and enact three new sections to chapter 47-10.2 of the North Dakota Century Code, relating to the payment of interest on escrow accounts for residential mortgages; to amend and reenact section 47-10.2-01 of the North Dakota Century Code, relating to definitions for escrow accounts; to provide a penalty; and to provide for application.

From the engrossed text, February 3, 2025:

A BILL for an Act to create and enact three new sections to chapter 47-10.2 of the North Dakota Century Code, relating to the payment of interest on escrow accounts for residential mortgages; to amend and reenact section 47-10.2-01 of the North Dakota Century Code, relating to definitions for escrow accounts; to provide a penalty; and to provide for application. BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA: SECTION 1. AMENDMENT. Section 47-10.2-01 of the North Dakota Century Code is amended and reenacted as follows: 47-10.2-01. Definitions. In sections 47-10.2-01 through 47-10.2-03, unless the context or subject matter otherwise requires: 1. "Borrower" means the obligor under a residential mortgage held by a mortgagee. 2. "Escrow account" means an account held by a lender or servicer used to collect and hold funds for the payment of property taxes, homeowner's insurance, and other related expenses associated with a residential mortgage. 3. "Escrow funds" means money placed into an escrow account by a borrower for the payment of obligations such as property taxes, homeowner's insurance, and other expenses associated with home ownership. 4. "Interest rate" means the percentage rate paid by the lender on funds held in escrow accounts. 5. "Lender" means a bank, mortgage company, credit union, or other financial institution that services residential mortgage loans and holds escrow accounts. …

What the bill says

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