2018 New York Laws
GOB - General Obligations
Article 5 - Creation, Definition and Enforcement of Contractual Obligations
Title 6 - Interest on Certain Deposits
5-602 - Interest on Insurance Draft Deposits in Escrow With Mortgage Investing Institutions.

§ 5-602. Interest  on insurance draft 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 or any loan, secured by a lien 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 and which  residence  or  cooperative  apartment  corporation
  received  from  an  insurance  carrier  a draft, forwarded to a mortgage
  investing institution, as compensation for damage done  to  a  residence
  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 superintendent of financial services 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  superintendent  of financial
  services 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.