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This entry was published on 2014-09-22
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SECTION 257-A
Refund of mortgage taxes after rescission of certain credit transactions
Tax (TAX) CHAPTER 60, ARTICLE 11
§ 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.