Title 12 — Banks and Banking
Chapter 49 — Homeowners Protection
§ 4904. Notification upon cancellation or termination
Statutory text
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—
that the private mortgage insurance has terminated and that the mortgagor no longer has private mortgage insurance; and
that no further premiums, payments, or other fees shall be due or payable by the mortgagor in connection with the private mortgage insurance.
Notice of grounds
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).
Timing
Notice required by paragraph (1) shall be provided—
with respect to cancellation of private mortgage insurance under section 4902(a) of this title, not later than 30 days after the later of—
the date on which a request is received under section 4902(a)(1) of this title; or
the date on which the mortgagor satisfies any evidence and certification requirements under section 4902(a)(3) 1 of this title; and
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.
Footnotes
- 1 See References in Text note below.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 105–216 § 5 · 112 Stat. 897
Enacted · 12 U.S.C. § 4904
(Pub. L. 105–216, § 5, July 29, 1998, 112 Stat. 903.)
Source evidence
Code source credit
(Pub. L. 105–216, § 5, July 29, 1998, 112 Stat. 903.)Enacted provision · exact public law section
SEC. 5. NOTIFICATION UPON CANCELLATION OR TERMINATION. (a) In General.— Not later than 30 days after the date of Deadline. cancellation or termination of a private mortgage insurance requirement in accordance with this Act, 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 3, 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 3(a), not later than 30 days after the later of— (i) the date on which a request is received under section 3(a)(1); or (ii) the date on which the mortgagor satisfies any evidence and certification requirements under section 3(a)(3); and (B) with respect to termination of private mortgage insurance under section 3(b), not later than 30 days after the scheduled termination date.
1 of 1 references resolved to an enrolled provision
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), , 114 Stat. 2958.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 year after , see section 13 of Pub. L. 105–216, set out as a note under section 4901 of this title.