Maryland Authorizes Escrow of Funds for the Payment of Water and Sewer Facilities Assessments

Maryland passed a bill authorizing the escrow of funds for the payment of water and sewer facilities assessments. Under the bill, a lending institution making or servicing a first lien mortgage loan may, upon borrower request and at the lending institution’s option, create an escrow account solely for the payment of water and sewer facilities assessments. The bill becomes effective October 1, 2018.

See Maryland General Assembly website for the full text of the Statutes:
http://mgaleg.maryland.gov/2018RS/bills/sb/sb0755T.pdf