2006 New York Code - Interest On Deposits In Escrow With Mortgage Investing Institutions.

 
    § 5-601. Interest  on  deposits  in  escrow  with  mortgage  investing
  institutions. Any mortgage  investing  institution  which  maintains  an
  escrow  account  pursuant to any agreement executed in connection with a
  mortgage on any one to six family residence occupied by the owner or  on
  any property owned by a cooperative apartment corporation, as defined in
  subdivision  twelve  of  section three hundred sixty of the tax law, (as
  such subdivision was in effect on December thirtieth,  nineteen  hundred
  sixty),  and  located  in this state shall, for each quarterly period in
  which such escrow account is established, credit the same with dividends
  or interest at a rate of not less than two per centum per year based  on
  the  average  of  the  sums  so  paid  for the average length of time on
  deposit or a rate prescribed by the banking board  pursuant  to  section
  fourteen-b  of  the banking law and pursuant to the terms and conditions
  set forth in that section whichever is higher. The banking  board  shall
  prescribe  by  regulation  the  method or basis of computing any minimum
  rate of interest required by this section  and  any  such  minimum  rate
  shall  be  a  net  rate  over  and  above any service charge that may be
  imposed by any mortgage lending institution for  maintaining  an  escrow
  account. No mortgage investing institution shall impose a service charge
  in connection with the maintenance of an escrow account unless provision
  therefor  was  expressly  made  in a loan contract executed prior to the
  effective date of this section.