Requires licensed mortgage servicers and financial institutions to pay interest on insurance proceeds held for the benefit of consumers. Provides that a fee shall not be charged to the borrower in connection with the maintenance or disbursement of interest earned from interest-bearing accounts. Effective 7/1/2050. (SD1)

Statutes affected:
SB1366: 454M-5
SB1366 SD1: 454M-5
Latest: 454M-5