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Which NJ statute governs the escrow of homeowners insurance premiums collected by mortgage lenders from NJ borrowers?
AN.J.S.A. 17:29C (Cancellation/Non-renewal)
BN.J.S.A. 17:33B (Anti-Redlining)
CN.J.S.A. 46:8B (Condominium Act)
N.J.S.A. 17:16F (NJ Mortgage Escrow Act)
Why this is the answer
The NJ Mortgage Escrow Act, N.J.S.A. 17:16F, regulates the collection, holding and disbursement of homeowners insurance premiums and property taxes by mortgage lenders, including interest-on-escrow and annual escrow analysis requirements.
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