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Upon receipt of the written notice under section 47-10.2-02, the borrower may, within thirty days after the date of the notice, elect in a written request to the servicer one of the following options:
1. Refund of all or part of the excess amount; or
2. Retention of all or part of the excess amount in the escrow account.
If the borrower does not advise the servicer in writing within the time provided in this section, the servicer may continue maintenance of the escrow account in the same manner until the next report to the borrower under sections 47-10.2-01 through 47-10.2-03. If the borrower advises the servicer of an election within the time prescribed in sections 47-10.2-01 through 47-10.2-03, the servicer must comply with the borrower's election within thirty days of the election.
Cite this article: FindLaw.com - North Dakota Century Code Title 47. Property § 47-10.2-03. Application of excess escrow payments - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-47-property/nd-cent-code-sect-47-10-2-03/
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