§ 7503
80 words·~1 min read·
/ca/financial-code/7503A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as specified by the loan contract or by Section 2954.8 of the Civil Code, an association shall have no obligation to pay interest to the borrower upon funds credited to an impound, trust, or other type of account for payment of taxes, insurance, or other charges relating to the property, or to invest them for the benefit of the borrower, unless the funds have been placed in an interest bearing savings account under the terms of the loan contract.