Section 230-RICR-40-10-5.5 - ProvisionsA. Each mortgagee required to pay interest on escrow accounts shall credit such interest at the rate provided for in R.I. Gen. Laws § 19-9-2. Interest on the escrow account shall be computed based on the aggregate average daily balance in the escrow account as computed by the mortgagee in its usual course of business. Interest on the escrow account shall be credited annually on December 31 of each year. If the mortgage debt is paid in full prior to December 31 in any year, the interest to the date of payment shall be paid to the mortgagor.B. Each mortgagee shall provide notice to the mortgagor of the amount of such interest credit. Such notice may take the form of notice as required by the Internal Revenue Service (i.e. Form 1099 -INT) or a substantially similar form.230 R.I. Code R. 230-RICR-40-10-5.5