Section 257-A. Refund of mortgage taxes after rescission of certain credit transactions

1.  As  used  in  this  section,  a  "statutory  right  of  rescission"  means  the right of an obligor to rescind a consumer credit
  transaction in which a security  interest,  including  a  real  property
  mortgage,  is retained or acquired in any real property which is used or
  expected to be used as a  residence  of  the  obligor  provided  for  in
  section  one  hundred  twenty-five  of  title one, the "Truth in Lending
  Act," of the federal Consumer Credit Protection Act (Public Law  90-321;
  82  Stat.  146  et  seq.)  and in the regulations issued by the Board of
  Governors of the Federal Reserve System pursuant to said title  of  said
  act.
    2.  A  person  who  has  paid the taxes imposed by this article on the
  recording of a mortgage of real property has a right to a refund of  the
  mortgage  taxes  so  paid if a mortgagor upon the mortgage exercises the
  statutory right of rescission with respect thereto and  a  discharge  of
  the mortgage has been recorded.
    3.  The  State Tax Commission shall provide by regulation how a person
  having a right to a refund of mortgage taxes pursuant to subsection  two
  may  obtain  the  refund  and the cities, towns, villages or officers to
  which or to whom the mortgage tax moneys  have  been  paid,  paid  over,
  distributed,  or  allotted  shall  refund  such mortgage tax moneys to a
  person having a right to the refund thereof.