91st General Assembly
Summary of HB0190
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House Sponsors:

Short description: 
PRIVATE MORTGGE INSURNCE-CANCL                                             

Synopsis of Bill as introduced:
        Amends the Mortgage Insurance Limitation  and  Notification  Act.      
   Provides  that a mortgagee shall cancel the private mortgage insurance      
   carried by a mortgagor when that mortgagor's equity  interest  reaches      
   20%  and  notify the mortgagor that the private mortgage insurance has      
   been cancelled, that the mortgagor  no  longer  has  to  make  private      
   mortgage  insurance  premium  payments, and of the new monthly payment      
   amount.  Provides that, if a mortgagee  does  not  comply  with  these      
   provisions,  the  mortgagor shall be refunded any premiums paid to the      
   mortgagee after the  mortgagor's  equity  interest  in  the  residence      
   reaches  20%.  Repeals provisions regarding notification to be sent to      
   mortgagors regarding canceling private mortgage insurance.   Effective      
          FISCAL NOTE (Dept. of Insurance)                                     
          HB190 will have no fiscal impact on the Department.                  
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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