WHAT THE LAW DOINCongress, in plain words

The law › Title 12, Banks and Banking › Chapter 27

12 U.S.C. 2605: Servicing of mortgage loans and administration of escrow accounts

Created in 1990 by Public Law 93-533. Changed by 4 later laws. No bill we track in this Congress changes it.

8 other sections of the Code cite this one, including 12 U.S.C. 2609, 12 U.S.C. 2610, 12 U.S.C. 2614, 12 U.S.C. 4901, 12 U.S.C. 5220.

This Congress

No bill we track in the 119th Congress changes this section.

    How it got here

    2010

    • Pub. L. 111–203, §1463(c)(1), substituted "5 days" for "20 days". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (e)
    • Pub. L. 111–203, §1463(c)(2), substituted "30 days" for "60 days" in introductory provisions. (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (e)
    • Pub. L. 111–203, §1463(c)(3), added par. (4). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (e)
    • Pub. L. 111–203, §1463(b)(1), substituted "$2,000" for "$1,000". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (f), (2)
    • Pub. L. 111–203, §1463(b)(2), substituted "$1,000,000" for "$500,000". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (f)
    • Pub. L. 111–203, §1463(d), inserted at end "Any balance in any such account that is within the servicer's control at the time the loan is paid off shall be promptly returned to the borrower within 20 business days or credited to a similar account for a new mortgage loan to the borrower… (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (g)
    • Pub. L. 111–203, §1098(4), substituted "Bureau" for "Secretary" and struck out ", by regulations that shall take effect not later than April 20, 1991," before "establish". (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (j)
    • Pub. L. 111–203, §1463(a), added subsecs. (k) to (m). (Dodd-Frank Wall Street Reform and Consumer Protection Act) Law text · (k), (l), (m)

    1996

    • Pub. L. 104–208 amended heading and text of subsec. (a) generally. Prior to amendment, text consisted of pars. (1) to (3) relating to requirements for lenders of federally related mortgage loans to disclose to applicants whether servicing of such loan may be assigned, sold, or transfer… (Magnuson-Stevens Fishery Conservation and Management Act) Law text · (a)

    1994

    • Pub. L. 103–325 substituted "(B) at the choice of the person making a federally related mortgage loan— · (a)

    1991

    • Pub. L. 102–27 added subsec. (j). · (j)

    Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.