ND SB2263

Redefines "excess amount" as "surplus amount" in escrow account law, changing the threshold from any amount over $300 plus necessary payments to any amount of $50 or more after annual analysis, excluding required escrow cushions.

Requires servicers of secondary residential mortgages to notify borrowers within thirty calendar days following the end of the escrow account computation year (instead of by March 1st) when a surplus exists.

Eliminates borrower choice regarding surplus funds; servicers must now automatically refund any surplus amount to the borrower within thirty calendar days following the end of the escrow account computation year rather than allowing borrowers to elect refund or retention options.

Requires the notice under section 47-10.2-02 to be included when surplus escrow funds are refunded.

Makes technical amendments to define "Servicer" and "Surplus amount" in the definitions section.