N.D. Cent. Code § 47-10.2-01

Current through 2023 Legislative Sessions

Section 47-10.2-01 - Definitions

In sections 47-10.2-01 through 47-10.2-03, unless the context or subject matter otherwise requires:

1. "Borrower" means the obligor under a residential mortgage held by a mortgagee.

2. "Servicer" means a person or entity maintaining an escrow account for a residential mortgagee.

3. "Surplus amount" means from the annual escrow account analysis, any amount greater than or equal to fifty dollars, excluding any escrow cushion required by the servicer.

N.D.C.C. § 47-10.2-01

Amended by S.L. 2023 , ch. 407( SB 2263 ), § 1, eff. 8/1/2023.