N.Y. Banking Law § 595-b: Regulation of mortgage loan servicers

§ 595-b. Regulation of mortgage loan servicers. 1. Establishment of

grounds to impose a fine or penalty. In addition to such other rules,

regulations and policies as the superintendent may promulgate to

effectuate the purposes of this article, the superintendent shall

promulgate regulations and policies governing the establishment of

grounds to impose a fine or penalty with respect to the activities of a

mortgage loan servicer.

2. Servicing practices. In addition to such other rules, regulations

and policies as the superintendent may promulgate to effectuate the

purposes of this article, the superintendent may prescribe regulations

which relate to: (a) providing for disclosures to borrowers of the basis

for any interest rate resets; (b) requirements for the provision of

pay-off statements; and (c) governing the timing of the crediting of

payments made by the borrower.