12 U.S.C. § 4904 — Notification upon cancellation or termination
submitted 28 years ago by Pub. L. 105-216 to r/title-12-BANKS-AND-BANKING · 244 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Not later than 30 days after the date of cancellation or termination of a private mortgage insurance* requirement in accordance with this chapter, the servicer* shall notify the mortgagor* in writing—
that the private mortgage insurance* has terminated and that the mortgagor no longer has private mortgage insurance; and
that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.
If a servicer determines that a mortgage did not meet the requirements for termination or cancellation of private mortgage insurance under subsection (a) or (b) of section 4902 of this title, the servicer shall provide written notice to the mortgagor of the grounds relied on to make the determination (including the results of any appraisal used to make the determination).
Notice required by paragraph (1) shall be provided—
with respect to cancellation of private mortgage insurance under section 4902(a) of this title, not later than 30 days after the later of—
the date on which a request is received under section 4902(a)(1) of this title; or
the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 1 of this title; and
with respect to termination of private mortgage insurance under section 4902(b) of this title, not later than 30 days after the scheduled termination date*.
Source credit: (Pub. L. 105–216, § 5, July 29, 1998, 112 Stat. 903.)
- 1998Enacted · Pub. L. 105-216 · 112 Stat. 903
A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-216 on 1998-07-29.
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