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The “PMI Cancellation Act” addresses homeowners’ difficulties in canceling private mortgage insurance (PMI) coverage. It establishes provisions for canceling and terminating PMI, sets disclosure and notification requirements, and requires the return of unearned premiums.
12 U.S. Code Chapter 49 - HOMEOWNERS PROTECTION. § 4901. Definitions. § 4902. Termination of private mortgage insurance. § 4903. Disclosure requirements. § 4904. Notification upon cancellation or termination.
The Act now protects homeowners by prohibiting life of loan PMI coverage for borrower-paid PMI products and estab- lishing uniform procedures for the cancellation and termina-
The Homeowners Protection Act of 1998 became effective in July 1999. The act, also known as the PMI Cancellation Act, addresses the difficulties homeowners have experienced in canceling pri-vate mortgage insurance (PMI) coverage.
This chapter, referred to in text, was in the original "this Act", meaning Pub. L. 105–216, July 29, 1998, 112 Stat. 897, known as the Homeowners Protection Act of 1998. For complete classification of this Act to the Code, see Short Title note below and Tables.
The Homeowners Protection Act of 1998 (HPA or PMI Cancellation Act, or Act) was signed into law on July 29, 1998, became effective on July 29, 1999, and was later amended on December 27, 2000, to provide technical corrections and clarification.
The Homeowners Protection Act protects homeowners by prohibiting life-of-loan PMI coverage for borrower-paid PMI products and establishing uniform procedures for canceling PMI...
(a) SHORT TITLE.—This Act may be cited as the ‘‘Homeowners Protection Act of 1998’’. (b) TABLE OF CONTENTS.—The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. Sec. 3. Termination of private mortgage insurance. Sec. 4. Disclosure requirements. Sec. 5.
The Homeowners Protection Act of 1998 (the Act) offers residential mortgages borrowers three rights related to private mortgage insurance: disclosure, cancellation, and automatic termination. The Act requires lenders to inform mortgage borrowers of their rights under the Act.
Full Title. An act to require automatic cancellation and notice of cancellation rights with respect to private mortgage insurance which is required as a condition for entering into a residential mortgage transaction, to abolish the Thrift Depositor Protection Oversight Board, and for other purposes.