33 M.R.S. §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

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

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