(a) Where, by the terms of a mortgage on real property or as otherwise required by a mortgagee, banking or lending institution, the mortgagor is required to make periodic payments which include sums to be allocated to an escrow account for the purpose of paying taxes, insurance or improvements to the mortgaged property, or any combination of such purposes, the mortgagee, banking or lending institution receiving the periodic payments shall furnish the mortgagor with a statement within 60 days of the close of the calendar year, showing the beginning balance of the escrow fund, total receipts received by the fund during the calendar year, an itemized statement of all expenditures from the fund during the calendar year, the balance in the fund at the end of the calendar year and interest accrued on the escrow account.
(b) The annual statement specified in subsection (a) is not required where the mortgagor is provided with a monthly billing form or mortgagor passbook either of which provides the information required by subsection (a).