§ 5-508. Elimination of mortgage insurance charge when principal reduced

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If a banking institution holds a first mortgage on residential property and a private mortgage insurance corporation partially insures the mortgage, the banking institution shall eliminate all charges to the mortgagor for mortgage insurance premiums when the mortgage is reduced to the level at which the federal Homeowners Protection Act of 1998 requires termination of the private mortgage insurance insuring the mortgage.

HISTORY: An. Code 1957, art. 11, § 108J; 1980, ch. 33, § 2; 1999, ch. 634.

                    
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