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
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.
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