12 U.S.C. § 4904 — Notification upon cancellation or termination

FEDERAL · 12 U.S.C. · Chapter 49

Notification upon cancellation or termination

Current through Pub. L. 119-102

Title 12 — Banks and Banking·Ch. 49 — HOMEOWNERS PROTECTION

(a)In general 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—

(1)that the private mortgage insurance has terminated and that the mortgagor no longer has private mortgage insurance; and

(2)that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.

(b)Notice of grounds

(1)In general 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 m

Free access — add to your briefcase to read the full text and ask questions with AI

(a) In general
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—
(1) that the private mortgage insurance has terminated and that the mortgagor no longer has private mortgage insurance; and
(2) that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.
(b) Notice of grounds
(1) In general
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).
(2) Timing
Notice required by paragraph (1) shall be provided—
(A) with respect to cancellation of private mortgage insurance under section 4902(a) of this title, not later than 30 days after the later of—
(i) the date on which a request is received under section 4902(a)(1) of this title; or
(ii) the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 1 of this title; and
(B) 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.

12 U.S.C. § 4904 (Notification upon cancellation or termination) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Pub. L. 105–216, §5, July 29, 1998, 112 Stat. 903.)

Editorial Notes

Editorial Notes

References in Text
Section 4902(a)(3) of this title, referred to in subsec. (b)(2)(A)(ii), was redesignated section 4902(a)(4) of this title by Pub. L. 106–569, title IV, §404(1)(C), Dec. 27, 2000, 114 Stat. 2958.

Statutory Notes and Related Subsidiaries

Effective Date
Section effective 1 year after July 29, 1998, see section 13 of Pub. L. 105–216, set out as a note under section 4901 of this title.