71-1-113. Limit on the amount of funds on reserve. Except as provided in 71-1-114, if a lending institution requires a borrower under a mortgage or trust indenture of real property to include in the borrower's regular payment additional payment into a reserve fund held by the lending institution for the future payment of property taxes, insurance premiums, and other expenses, the amount of funds on reserve may not exceed 110% of the projected amount needed to pay those expenses.
History: En. Sec. 1, Ch. 490, L. 1979; amd. Sec. 2238, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 71. Mortgages, Pledges, and Liens
71-1-102. Power of attorney to execute
71-1-103. Mortgage a special lien -- on what a lien
71-1-104. Mortgage not a personal obligation
71-1-105. Mortgagee not entitled to possession
71-1-107. Transfers of interest
71-1-108. Subsequently acquired title
71-1-109. Mortgage of property adversely held
71-1-110. Passage of mortgage by assignment of debt
71-1-113. Limit on the amount of funds on reserve