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\ntransactions. 1. As used in this section, a "statutory right of\nrescission" means the right of an obligor to rescind a consumer credit\ntransaction in which a security interest, including a real property\nmortgage, is retained or acquired in any real property which is used or\nexpected to be used as a residence of the obligor provided for in\nsection one hundred twenty-five of title one, the "Truth in Lending\nAct," of the federal Consumer Credit Protection Act (Public Law 90-321;\n82 Stat. 146 et seq.) and in the regulations issued by the Board of\nGovernors of the Federal Reserve System pursuant to said title of said\nact.\n 2. A person who has paid the taxes imposed by this article on the\nrecording of a mortgage of real property has a right to a refund of the\nmortgage taxes so paid if a mortgagor upon the mortgage exercises the\nstatutory right of rescission with respect thereto and a discharge of\nthe mortgage has been recorded.\n 3. The State Tax Commission shall provide by regulation how a person\nhaving a right to a refund of mortgage taxes pursuant to subsection two\nmay obtain the refund and the cities, towns, villages or officers to\nwhich or to whom the mortgage tax moneys have been paid, paid over,\ndistributed, or allotted shall refund such mortgage tax moneys to a\nperson having a right to the refund thereof.\n