§ 6-k. Real property insurance escrow accounts. 1. Definitions. When\nused in this section: (a) "Mortgage investing institution" means any\nbank, trust company, national bank, savings bank, savings and loan\nassociation, federal savings bank, federal savings and loan association,\nprivate banker, credit union, federal credit union, investment company,\npension fund, licensed mortgage banker or any other entity which\nmaintains a real property insurance escrow account for real property\nlocated in this state.\n (b) "Mortgagor" means a person having title to and occupying a one to\nfour family residence which is located in this state and is subject to a\nmortgage.\n (c) "Real property insurance" means a policy of insurance issued, or\nissued for delivery in this state, on a risk located or resident in this\nstate insuring the following contingency: loss or damage (including but\nnot limited to loss or damage on account of fire) to real property used\npredominantly for residential purposes and consists of not more than\nfour dwelling units, other than motels or hotels.\n (d) "Real property insurance escrow account" means an account\nestablished by contract between a mortgagor of real property improved by\na one to four family residence and the mortgage investing institution\nhaving a mortgage thereon, into which the mortgage investing institution\nshall deposit money collected from the mortgagor for the purpose of\npaying real property insurance premiums.\n (e) "One to four family residence" means property used primarily for\nresidential purposes for one to four families, including property held\nin condominium form of ownership, and which is occupied in whole or in\npart by the owner.\n 2. Duties and responsibilities of mortgage investing institutions. (a)\nEvery mortgage investing institution shall make all payments for\ninsurance for which they hold real property insurance escrow accounts in\na timely manner.\n (b) Every mortgage investing institution shall pay at least the\nminimum rate of interest on each real property insurance escrow account\nas prescribed therein.\n (c) Every mortgage investing institution shall deposit funds from a\nreal property insurance escrow account of a mortgagor in a banking\ninstitution whose deposits are insured by a federal agency or a licensed\nbranch of a foreign banking corporation whose deposits are insured by a\nfederal agency. Notwithstanding the foregoing provisions of this\nsubdivision, the superintendent shall have the power to exempt from the\nrequirements of this subdivision any banking organization which does not\nreceive deposits or share accounts from the general public.\n (d) A mortgage investing institution may debit a mortgagor's real\nproperty insurance escrow account for payments of insurance premiums\nonly if actual payment for such premiums is made within twenty-one days\nafter such debit.\n (e) Every mortgage investing institution shall, at least annually,\nprovide to the mortgagor an analysis of the real property insurance\nescrow account of the mortgagor. Such analysis shall contain, for the\ntwelve month period covered by the analysis, at least: (1) interest\nearned; (2) the amount of insurance premiums paid from the real property\ninsurance escrow account; and (3) the account balance as of the\nbeginning of the period covered by the analysis and the ending account\nbalance as of a specified date within forty-five days preceding the date\nof the analysis. In addition, the mortgage investing institution shall,\nupon request by the mortgagor, provide to the mortgagor the date or\ndates of the payment of insurance premiums from such real property\ninsurance escrow account. The information required by this paragraph may\nbe provided in notices otherwise required by federal or state law,\nregulation or rule to be sent on at least an annual basis to the\nmortgagor, including but not limited to notices under title three-A of\nthe real property tax law.\n (f) The mort
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