17-5510.   Advance installment payment of taxes and insurance.An association may require the borrower to pay monthly in advance, inaddition to interest or interest and principal payment, the equivalent ofone-twelfth of the estimated annual taxes, assessments, insurance premiumsand other charges upon the real estate securing a loan, or any of suchcharges, so as to enable the association to pay such charges as they becomedue from the funds so received. The amount of such monthly charges may beincreased or decreased so as to provide reasonably for the payment of theestimated annual taxes, assessments, insurance premiums and other charges.

      History:   L. 1943, ch. 133, § 88; July 1.