Section 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.