33 §503. Property insurance
§503. Property insurance No person or financial institution making a residential mortgage loan for one to 4 residential units may, as a condition of the mortgage or as a term of the mortgage deed, require that the mortgagor carry property insurance on the property which is the subject of the mortgage in excess of the […]
33 §553. Discharge by attorney (REPEALED)
§553. Discharge by attorney (REPEALED) SECTION HISTORY PL 1993, c. 534, §1 (RP).
33 §504. Interest on residential mortgage escrow accounts
§504. Interest on residential mortgage escrow accounts 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: A. The mortgage is on owner-occupied residential property of not more than 4 units; and […]
33 §553-A. Discharge by attorney
§553-A. Discharge by attorney 1. Affidavit. A recorded mortgage on a residential owner-occupied one-to-4-family dwelling may be discharged in the office of the registry of deeds by an attorney-at-law licensed to practice in the State if the mortgagee, after receipt of payment of the mortgage in accordance with the payoff statement furnished to the mortgagor […]
33 §505. Open-end mortgages
§505. Open-end mortgages 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Contingent obligations” means obligations that become fixed or certain at some time after the recording of a mortgage securing those obligations, such as obligations under a guarantee. Contingent obligations have priority […]
33 §506. Undocumented mortgage agreements
§506. Undocumented mortgage agreements In a residential mortgage loan closing, a buyer, seller or settlement agent may not knowingly be a party to a financial or other arrangement not reflected in the loan settlement statement if the effect of that arrangement is to substantially overstate the contract sales price. Any violation of this section constitutes […]
33 §507. Disclosure regarding private mortgage insurance (REALLOCATED FROM TITLE 33, SECTION 506)
§507. Disclosure regarding private mortgage insurance (REALLOCATED FROM TITLE 33, SECTION 506) With respect to a mortgage loan on residential real property for which the processor or underwriter of that loan also engages in the business of private mortgage insurance, a supervised lender, as defined in Title 9-A, section 1-301, subsection 39, or a loan […]
33 §508. Nominee mortgagees
§508. Nominee mortgagees 1. Authority presumed. A person or entity that is named as nominee to hold a mortgage for another person or entity, in an instrument creating or assigning the mortgage, is presumed to have the authority to execute an assignment, partial release, discharge or other instrument that affects the title to the mortgaged […]
33 §521. Short title
§521. Short title This subchapter may be known and cited as the “Funded Settlement Act”. [PL 1999, c. 145, §1 (NEW).] SECTION HISTORY PL 1999, c. 145, §1 (NEW).
33 §522. Definitions
§522. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1999, c. 145, §1 (NEW).] 1. Disbursement of loan funds. “Disbursement of loan funds” means the delivery of the loan funds by the lender to the settlement agent in one or more of the […]