§ 4904. — Notification upon cancellation or termination.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4904]
TITLE 12--BANKS AND BANKING
CHAPTER 49--HOMEOWNERS PROTECTION
Sec. 4904. Notification upon cancellation or termination
(a) 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--
(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 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).
(2) Timing
Notice required by paragraph (1) shall be provided--
(A) with respect to cancellation of private mortgage
insurance under section 4902(a) of this title, not later than 30
days after the later of--
(i) the date on which a request is received under
section 4902(a)(1) of this title; or
(ii) the date on which the mortgagor satisfies any
evidence and certification requirements under section
4902(a)(3) \1\ of this title; and
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\1\ See References in Text note below.
(B) 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.
(Pub. L. 105-216, Sec. 5, July 29, 1998, 112 Stat. 903.)
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, Sec. 404(1)(C), Dec. 27, 2000, 114 Stat. 2958.
Section Referred to in Other Sections
This section is referred to in section 4905 of this title.
