N.Y. Real Property Tax Law § 953-a: Real property tax escrow accounts for non-mortgagors

§ 953-a. Real property tax escrow accounts for non-mortgagors. 1. Any

mortgage investing institution may establish real property tax escrow

accounts for non-mortgagors. Such accounts shall be subject to the

provisions of this title, except as otherwise provided by this section.

2. A mortgage investing institution may enter into agreements with

non-mortgagors to provide for payment of real property taxes by such

mortgage investing institution on behalf of such non-mortgagor from

funds on deposit in a real property tax escrow account.

3. Mortgage investing institutions shall not be required to pay the

minimum rate of interest required by subdivision two of section nine

hundred fifty-three of this article on real property tax escrow accounts

of non-mortgagors.

4. If the non-mortgagor shall fail to make required payments to a real

property tax escrow account within twenty-one days after the date such

payment is due, the mortgage investing institution may terminate the

account upon written notification to the non-mortgagor. Such written

notification shall include but not be limited to the following

information: (a) that the real property tax escrow account has been or

will be terminated (whichever is applicable); and (b) the non-mortgagor

will be obliged to pay to the appropriate collecting officers taxes

becoming due thereafter. The written notice shall also set forth the

effective date of the termination and shall provide the name, address

and telephone number of each collecting officer or office and advise the

non-mortgagor to contact such officer or office for tax billing

information. Upon termination, the mortgage investing institution shall

refund any and all funds remaining in such account to such

non-mortgagor.