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2019 Maryland Code
Financial Institutions
Title 5 - Banking Institutions -- General Provisions
Subtitle 5 - Miscellaneous Regulations
§ 5-508. Elimination of mortgage insurance charge when principal reduced
Universal Citation:
MD Fin Inst Code § 5-508 (2019)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
If a banking institution holds a first mortgage on residential property and a private mortgage insurance corporation partially insures the mortgage, the banking institution shall eliminate all charges to the mortgagor for mortgage insurance premiums when the mortgage is reduced to the level at which the federal Homeowners Protection Act of 1998 requires termination of the private mortgage insurance insuring the mortgage.
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