Title 12 — Banks and Banking
Chapter 49 — Homeowners Protection
§ 4910. Construction
Statutory text
PMI not required
Nothing in this chapter shall be construed to impose any requirement for private mortgage insurance in connection with a residential mortgage transaction.
No preclusion of cancellation or termination agreements
Nothing in this chapter shall be construed to preclude cancellation or termination, by agreement between a mortgagor and the holder of the mortgage, of a requirement for private mortgage insurance in connection with a residential mortgage transaction before the cancellation or termination date established by this chapter for the mortgage.
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 § 11 · 112 Stat. 897
Enacted · 12 U.S.C. § 4910
(Pub. L. 105–216, § 11, July 29, 1998, 112 Stat. 908.)
Source evidence
Code source credit
(Pub. L. 105–216, § 11, July 29, 1998, 112 Stat. 908.)Enacted provision · exact public law section
SEC. 11. 12 USC 4910. CONSTRUCTION. (a) PMI Not Required.— Nothing in this Act shall be construed to impose any requirement for private mortgage insurance in connection with a residential mortgage transaction. (b) No Preclusion of Cancellation or Termination Agreements.— Nothing in this Act shall be construed to preclude cancellation or termination, by agreement between a mortgagor and the holder of the mortgage, of a requirement for private mortgage insurance in connection with a residential mortgage transaction before the cancellation or termination date established by this Act for the mortgage.
1 of 1 references resolved to an enrolled provision
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.