1. 1. Loan provisions required A mortgage deed resulting from a mortgage loan must contain provisions for payment of interest on the escrow balance in accordance with Title 9‑B, section 429 if:

   1. A. The mortgage is on owner-occupied residential property of not more than 4 units; and

      [PL 1991, c. 118, §1 (NEW).]

   2. B. The loan or note requires payments into a mandatory escrow account.

      [PL 1991, c. 118, §1 (NEW).]

   [PL 1991, c. 118, §1 (NEW).]

2. 2. Applicability The requirements of this section apply to any residential mortgage deed dated on or after January 1, 1992.

   [PL 1991, c. 118, §1 (NEW).]

PL 1991, c. 118, §1 (NEW).