New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 257-A
Refund of mortgage taxes after rescission of certain credit transactions
§ 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.
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In this article (40 sections)
- 253-I · Recording tax imposed by the county of Columbia
- 253-J · Recording tax imposed by the county of Sullivan
- 253-J*2 · Recording tax imposed by the county of Hamilton
- 253-J*3 · Recording tax imposed by the county of Essex
- 253-J*4 · Recording tax imposed by the county of Schoharie
- 253-K · Recording tax imposed by the county of Genesee
- 253-L · Recording tax imposed by the county of Rensselaer
- 253-M · Recording tax imposed by the county of Wayne
- 253-N · Recording tax imposed by the county of Wyoming
- 253-O · Recording tax imposed by the county of Chautauqua
- 253-P · Recording tax imposed by the county of Albany
- 253-R · Recording tax imposed by the county of Schenectady
- 253-S · Recording tax imposed by the county of Steuben
- 253-T · Recording tax imposed by the county of Yates
- 253-U · Recording tax imposed by the county of Herkimer
- 253-V · Recording tax imposed by the county of Cortland
- 253-W · Recording tax imposed by the county of Warren
- 253-X · Recording tax imposed by the county of Cattaraugus
- 253-X*2 · Recording tax imposed by the county of Greene
- 253-Y · Recording tax imposed by the county of Madison
- 253-Y*2 · Recording tax imposed by the county of Livingston
- 253-Y*3 · Recording tax imposed by the county of Washington
- 253-Z · Recording tax imposed by the county of Otsego
- 253-Z*2 · Recording tax imposed by the county of Chenango
- 254 · Optional tax on prior mortgages
- 255 · Supplemental mortgages
- 256 · Mortgages for indefinite amounts or for contract obligations
- 257 · Payment of taxes
- 257-A · Refund of mortgage taxes after rescission of certain credit…
- 258 · Effect of nonpayment of taxes
- 258-A · Payment of tax on instruments not recorded
- 259 · Trust mortgages
- 260 · Determination and apportionment by the state tax commission
- 261 · Payment over and distribution of taxes
- 262 · Expenses of officers
- 263 · Supervisory power of commissioner of taxation and finance and…
- 264 · Tax on prior advance mortgages
- 265 · Tax a lien; exceptions
- 266 · Enforcement; procedure
- 267 · Idem