WILLIAM DONALD SCHAEFER, Governor                   Ch. 313

(III) (3) THE NAME AND TELEPHONE NUMBER OF THE
CONTACT PERSON DESIGNATED UNDER SUBSECTION (C) OF THIS SECTION;

(IV) (4) THE RESPONSIBILITIES OF THE CONTACT
PERSON UNDER SUBSECTION (C) OF THIS SECTION; AND

(V)(5) THE ASSIGNEE'S A STATEMENT THAT THE
SERVICER'S VIOLATION OF THIS SECTION WILL RESULT IN THE ASSIGNEE
SERVICER BEING HELD LIABLE UNDER SUBSECTION (D) (E) OF THIS
SECTION.

(C)  (1) AN ASSIGNEE OR HOLDER A SERVICER SHALL DESIGNATE A
CONTACT PERSON TO WHOM MORTGAGORS MAY DIRECT COMPLAINTS AND
INQUIRES.

(2) THE CONTACT PERSON SHALL RESPOND IN WRITING TO
EACH WRITTEN COMPLAINT OR INQUIRY WITHIN 15 DAYS IF REQUESTED.

(D)  AN ASSIGNEE OR HOLDER A SERVICER SHALL MAKE TIMELY
PAYMENTS OF THE TAXES OR INSURANCE PREMIUMS DUE UNDER THE
MORTGAGE SO LONG AS THE MORTGAGOR HAS PAID AN AMOUNT SUFFICIENT
TO PAY THE TAX OR INSURANCE PREMIUM DUE AND, WITH REGARD TO THE
TAXES, SO LONG AS THE SERVICER IS IN POSSESSION OF EITHER THE TAX
BILL OR NOTICE FROM THE TAXING AUTHORITY.

(E)  (1) IF AN ASSIGNEE OR HOLDER A SERVICER FAILS TO COMPLY
WITH ANY PROVISION OF THIS SECTION, THE ASSIGNEE OR HOLDER
SERVICER IS LIABLE FOR:

(I) ANY ECONOMIC DAMAGES CAUSED BY THE
VIOLATION§; AND

(II) A PENALTY OF $500 FOR EACH VIOLATION.

(2) THE PENALTIES PROVIDED IN THIS SECTION ARE NOT
INTENDED TO PRECLUDE THE IMPOSITION OF ANY OTHER APPLICABLE
PENALTY UNDER THIS TITLE IN ADDITION TO ANY OTHER APPLICABLE
REMEDIES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

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