Division of Health
P.O. Box 309
Madison, WI 53701-0309
Written Comments
Written comments on the proposed change are welcome, and should be sent to the above address. The comments received on the changes will be available for public review between the hours of 7:45 a.m. and 4:30 p.m. daily at:
Bureau of Health Care Financing
Room 265, State Office Building
One West Wilson Street
Madison, WI
Public Notice
Commissioner of Banking
Commissioner of Credit Unions
Commissioner of Savings & Loan
(Notice of Required Interest Rate on
Residential Mortgage Loan Escrow Accounts)
Under s. 138.052 (5) (a), Stats., with some exceptions, a bank, credit union, savings bank, savings and loan association or mortgage banker which originates a residential mortgage loan requiring an escrow account to assure the payment of taxes or insurance shall pay interest on the outstanding principal balance of the escrow.
Section 138.052 (5) (am) 2, Stats., directs the Commissioner of Savings and Loan, with the cooperation of the Commissioners of Credit Unions and of Banking, to determine annually the required interest rate. The rate is based on the average interest rate paid by Wisconsin depository institutions on passbook savings accounts.
The Commissioner of Savings and Loan has calculated the interest rate required to be paid on escrow accounts under s. 138.052 (5), Stats., to be 2.91% per year. This interest rate shall remain in effect until the first day of the first month following publication of a new interest rate in the Wisconsin Administrative Register.
The interest rate of 2.91% per year applies to escrow accounts required for residential mortgage loans originated on or after January
1, 1996 and to escrow accounts required for residential mortgage loans originated after January 31, 1983 and before January 1, 1996 which do not specify an interest rate in the loan agreement.
Contact Information
Harold N. Lee, Jr., Commissioner
Thomas M. Boykoff, General Counsel
Telephone (608) 242-2180
Suite 202
4785 Hayes Road
MADISON, WI 53704
E x e c u t i v e O r d e r s
The following is a listing of recent Executive Orders issued by the Governor.
Executive Order 264. Relating to Calling to Active Service Elements of the Wisconsin National Guard.
Executive Order 265. Relating to Calling to Active Service Elements of the Wisconsin National Guard.
The State of Wisconsin
Department of Administration
Document Sales Unit
P.O. Box 7840
Dated Material. Please Do Not Delay!
