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.