90th General Assembly
Summary of SB1076
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Senate Sponsors:

House Sponsors:

Short description: 
MORTGAGE INSURANCE LIMITS                                                  

Synopsis of Bill as introduced:
        Creates the Mortgage Insurance Limitation and  Notification  Act.      
   Prohibits  mortgagees  from  requiring  mortgage  insurance  after the      
   mortgagor has reduced the amount of the loan to 80%  of  the  original      
   amount of the loan.  Effective January 1, 1998.                             
        SENATE AMENDMENT NO. 1.                                                
        Replaces the substance  of  the  bill.   Requires  mortgagees  to      
   notify  mortgagors  of  the  cost  of  private mortgage insurance, the      
   conditions under the insurance may be cancelled,  and  the  procedures      
   required to effect a cancellation.  Effective January 1, 1998.              
        HOUSE AMENDMENT NO. 1.                                                 
        Revises the disclosure  requirements.    Requires  mortgagees  to      
   disclose  in  writing  whether  mortgage  insurance is required and to      
   disclose the terms and conditions.  Requires  an  annual  notification      
   concerning  the  procedures to terminate mortgage insurance.  Provides      
   that compliance with federal law concerning private mortgage insurance      
   shall be deemed compliance with this Act.  Effective July 1, 1998.          
        HOUSE AMENDMENT NO. 2.                                                 
        Provides that a mortgagee  may  modify  its  cancellation  policy      
   applicable  to  a  particular  mortgage  loan  only  upon  the written      
   approval of the mortgagor.                                                  
          FISCAL NOTE, H-AMS 1 & 2 (Dept. of Financial Inst.)                  
          SB 1076, amended by H-ams 1 & 2 would have no fiscal impact.         
          HOUSING AFFORDABILITY NOTE, AMENDED                                  
          This bill will have no direct impact on the cost of construc-        
          ting, purchasing, owning or selling a single family residence.       
Last action on Bill: PUBLIC ACT.............................. 90-0455

   Last action date: 97-08-16

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   1


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