New Hampshire passed a bill revising the interest rate paid on funds held in escrow. Under the bill, lenders and servicers must pay interest on funds held in escrow at a rate of not less than the National Deposit Rate for Savings Accounts as published by the Federal Deposit Insurance Corporation (the rate was formerly set by the Commissioner of Banks and was 1% below the mean interest rate paid by New Hampshire chartered depository banks on regular savings accounts). In addition, interest must now be paid at a rate set for a 6-month period beginning on April 1st and October 1st of each year (formerly February 1st and August 1st of each year). The bill went into effect June 20, 2023.
Click to view the New Hampshire House Bill 520: https://www.tenaco.com/wp-content/uploads/2023/07/NH-HB-520-06-20-23.pdf
