§ 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.