Page:United States Statutes at Large Volume 104 Part 5.djvu/1090

 104 STAT. 4412 PUBLIC LAW 101-625—NOV. 28, 1990 Gonzalez National Affordable Housing Act, the Secretary shall issue regulations prescribing any changes necessary to the uniform settlement statement under section 4 that specify how the statement required under subparagraph (A) of this section shall be incorporated in the uniform settlement statement. ' " (2) ANNUAL STATEMENT. — "(A) IN GENERAL.—Any servicer that has established or continued an escrow account in connection with a federally related mortgage loan shall submit to the borrower for which the escrow account has been established or continued a statement clearly itemizing, for each period described in subparagraph (B) (during which the servicer services the escrow account), the amount of the borrower's current monthly payment, the portion of the monthly payment being placed in the escrow account, the total amount paid into the escrow account during the period, the total amount paid out of the escrow account during the period for taxes, insurance premiums, and other charges (as separately identified), and the balance in the escrow account at the conclusion of the period. "(B) TIME OF SUBMISSION.—The statement required under subparagraph (A) shall be submitted to the borrower not less than once for each 12-month period, the first such period beginning on the first January 1st that occurs after the date of the enactment of the Cranston-Gronzalez National Affordable Housing Act, and shall be submitted not more than 30 days after the conclusion of each such 1-year period. "(d) Pira^ALTIES. — "(1) IN GENERAL. — In the case of each failure to submit a statement to a borrower as required under subsection (c), the Secretary shall assess to the lender or escrow servicer failing to submit the statement a civil penalty of $50 for each such failure, but the total amount imposed on such lender or escrow servicer for all such failures during any 12-month period referred to in subsection (b) may not exceed $100,000. "(2) INTENTIONAL VIOLATIONS. —If any failure to which paragraph (1) applies is due to intentional disregard of the requirement to submit the statement, then, with respect to such failure— "(A) the penalty imposed under paragraph (1) shall be $100; and "(B) in the case of any penalty determined under subparagraph (A), the $100,000 limitation under paragraph (1) shall not apply. ". (b) PROHIBITION OF FEES FOR ESCROW ACCOUNT STATEMENTS. — Section 12 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2610) is amended— (1) by inserting after the first comma the following: "or by a servicer (as the term is defined under section 6(i)),"; (2) by striking "lender" the second place it appears and inserting "lender or servicer"; (3) by striking "6" and inserting "10(c)"; and (4) by striking the section heading and inserting the following new section heading:

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