§ 595-B — Regulation of mortgage loan servicers

§ 595-b. Regulation of mortgage loan servicers. 1. Establishment of\ngrounds to impose a fine or penalty. In addition to such other rules,\nregulations and policies as the superintendent may promulgate to\neffectuate the purposes of this article, the superintendent shall\npromulgate regulations and policies governing the establishment of\ngrounds to impose a fine or penalty with respect to the activities of a\nmortgage loan servicer.\n 2. Servicing practices. In addition to such other rules, regulations\nand policies as the superintendent may promulgate to effectuate the\npurposes of this article, the superintendent may prescribe regulations\nwhich relate to: (a) providing for disclosures to borrowers of the basis\nfor any interest rate resets; (b) requirements for the provision of\npay-off statements; and (c) governing the timing of the crediting of\npayments made by the borrower.\n