ABANDONED PROP-MORTGAGE ESCROW

Amends the Residential Mortgage License Act of 1987. Provides that the Commissioner shall provide for the transfer of any real estate escrow funds that are determined to be abandoned under the Uniform Disposition of Unclaimed Property Act to the State Treasurer. Amends the Uniform Disposition of Unclaimed Property Act. Provides that any real estate escrow funds that are held by a third party, individual, or entity charged with the fiduciary obligation for holding escrow funds on a residential or commercial real estate contract pending payout of those funds in accordance with the terms of the contract, that have been unclaimed by the contracting parties for more than 5 years from the date on which the funds were deposited into the real estate escrow account shall be presumed abandoned.