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Another subdivision, the Consumer Protection Division, also favored the legislation. [30] Some homeowners and condo owners favored the law, stating that it would lead to "appreciation of Homeowner properties" [31] or that state-wide mandate for reserve studies would push governing boards to adequately plan "for short term or long-term projects ...
In September 1994, President Bill Clinton signed into law the Home Ownership and Equity Protection Act of 1994, written by US Rep. Joseph P. Kennedy (D-Mass). The law requires certain disclosures and clamps restrictions on lenders of high-cost loans. [1] [2]
If you have a mortgage, your lender will likely require you to carry homeowners insurance. When you purchase a homeowners insurance policy, you pay either a monthly, quarterly or annual premium.
After getting a home inspection, some real estate agents will mistakenly tell the buyer that any problems found in the home inspection will be covered with a home warranty. Instead, if the home inspection notates that something needs to be repaired or replaced before the date of closing, most home warranties will not repair or replace it.
The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named ...
In 1999 the Homeowners Protection Act of 1998 came into effect as a federal law of the United States, which requires automatic termination of mortgage insurance in certain cases for homeowners when the loan-to-value on the home reaches 78%; prior to the law, homeowners had limited recourse to cancel [9] and by one estimate, 250,000 homeowners ...
Bankrate insight. To address the issue of increasing home insurance rates on a legislative level, significant reforms are being made. For example, Florida’s Senate Bill 2-A aims to reduce ...
The Homeowner Flood Insurance Affordability Act of 2014 was introduced into the United States Senate on January 14, 2014 by Sen. Robert Menendez (D, NJ). [7] Senator Johnny Isakson (R-GA) was the main Republican co-sponsor of the bill. [ 1 ]