12 U.S.C. § 4910 — Construction
submitted 28 years ago by Pub. L. 105-216 to r/title-12-BANKS-AND-BANKING · 84 words · no verdicts yet
This chapter does not require private mortgage insurance. It also does not prevent the borrower and mortgage holder from agreeing to cancel or end the requirement earlier than this chapter otherwise provides.
(a) PMI not required. Nothing in this chapter may be interpreted to require private mortgage insurance* for a residential mortgage transaction*. This section does not define “private mortgage insurance*” or “residential mortgage* transaction.”
(b) Cancellation or termination agreements allowed. Nothing in this chapter may be interpreted to prevent a mortgagor* and the mortgage holder from agreeing to cancel or end a private-mortgage-insurance requirement for a residential mortgage transaction before the cancellation or termination date* established by this chapter.
Nothing in this chapter shall be construed to impose any requirement for private mortgage insurance* in connection with a residential mortgage transaction*.
Nothing in this chapter shall be construed to preclude cancellation or termination, by agreement between a mortgagor* and the holder of the mortgage, of a requirement for private mortgage insurance* in connection with a residential mortgage* transaction before the cancellation or termination date* established by this chapter for the mortgage.
Source credit: (Pub. L. 105–216, § 11, July 29, 1998, 112 Stat. 908.)
- 1998Enacted · Pub. L. 105-216 · 112 Stat. 908
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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