Title 12 — Banks and Banking
Chapter 49 — Homeowners Protection
§ 4908. Effect on other laws and agreements
Statutory text
Effect on State law
In general
With respect to any residential mortgage or residential mortgage transaction consummated after the effective date of this chapter, and except as provided in paragraph (2), the provisions of this chapter shall supersede any provisions of the law of any State relating to requirements for obtaining or maintaining private mortgage insurance in connection with residential mortgage transactions, cancellation or automatic termination of such private mortgage insurance, any disclosure of information addressed by this chapter, and any other matter specifically addressed by this chapter.
Protection of existing State laws
In general
The provisions of this chapter do not supersede protected State laws, except to the extent that the protected State laws are inconsistent with any provision of this chapter, and then only to the extent of the inconsistency.
Inconsistencies
A protected State law shall not be considered to be inconsistent with a provision of this chapter if the protected State law—
requires termination of private mortgage insurance or other mortgage guaranty insurance—
at a date earlier than as provided in this chapter; or
when a mortgage principal balance is achieved that is higher than as provided in this chapter; or
requires disclosure of information—
that provides more information than the information required by this chapter; or
more often or at a date earlier than is required by this chapter.
Protected State laws
For purposes of this paragraph, the term “protected State law” means a State law—
regarding any requirements relating to private mortgage insurance in connection with residential mortgage transactions;
that was enacted not later than 2 years after ; and
that is the law of a State that had in effect, on or before , any State law described in clause (i).
Effect on other agreements
The provisions of this chapter shall supersede any conflicting provision contained in any agreement relating to the servicing of a residential mortgage loan entered into by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any private investor or note holder (or any successors thereto).
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 § 9 · 112 Stat. 897
Enacted · 12 U.S.C. § 4908
(Pub. L. 105–216, § 9, July 29, 1998, 112 Stat. 906.)
Source evidence
Code source credit
(Pub. L. 105–216, § 9, July 29, 1998, 112 Stat. 906.)Enacted provision · exact public law section
SEC. 9. 12 USC 4908. EEFECT ON OTHER LAWS AND AGREEMENTS. (a) Effect on State Law.— (1) In general.— With respect to any residential mortgage or residential mortgage transaction consummated after the effective date of this Act, and except as provided in paragraph (2), the provisions of this Act shall supersede any provisions of the law of any State relating to requirements for obtaining or maintaining private mortgage insurance in connection with residential mortgage transactions, cancellation or automatic termination of such private mortgage insurance, any disclosure of information addressed by this Act, and any other matter specifically addressed by this Act. (2) Protection of existing state laws.— (A) In general.— The provisions of this Act do not supersede protected State laws, except to the extent that the protected State laws are inconsistent with any provision of this Act, and then only to the extent of the inconsistency. (B) Inconsistencies.— A protected State law shall not be considered to be inconsistent with a provision of this Act if the protected State law— (i) requires termination of private mortgage insurance or other mortgage guaranty insurance— (I) at a date earlier than as provided in this Act; or (II) when a mortgage principal balance is achieved that is higher than as provided in this Act; or (ii) requires disclosure of information— (I) that provides more information than the information required by this Act; or (II) more often or at a date earlier than is required by this Act. (C) Protected state laws.— For purposes of this paragraph, the term “protected State law” means a State law— (i) regarding any requirements relating to private mortgage insurance in connection with residential mortgage transactions; (ii) that was enacted not later than 2 years after the date of the enactment of this Act; and (iii) that is the law of a State that had in effect, on or before January 2, 1998, any State law described in clause (i). (b) Effect on Other Agreements.— The provisions of this Act shall supersede any conflicting provision contained in any agreement relating to the servicing of a residential mortgage loan entered into by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any private investor or note holder (or any successors thereto).
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
The effective date of this chapter, referred to in subsec. (a)(1), is 1 year after , see section 13 of Pub. L. 105–216, set out as an Effective Date note under section 4901 of this title.
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.