Section 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  banking board may promulgate or the
  superintendent may prescribe 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 banking  board  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.