HB 55

This act: (1) authorizes mortgage servicers to allow mortgagors to make biweekly mortgage payments, where any amount paid in excess must be applied to the loan principal; (2) authorizes mortgage servicers to allow mortgagors to make semimonthly payments in the amount of half of the monthly payment; (3) authorizes mortgage servicers to allow mortgagors, after notifying the servicer, to submit payments to reduce escrow shortages; and (4) only applies to consumer mortgages originated after October 1, 2026, that are secured by real property in the state.