§ 4908. — Effect on other laws and agreements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4908]
TITLE 12--BANKS AND BANKING
CHAPTER 49--HOMEOWNERS PROTECTION
Sec. 4908. Effect 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 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.
(2) Protection of existing State laws
(A) 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.
(B) Inconsistencies
A protected State law shall not be considered to be
inconsistent with a provision of this chapter 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
chapter; or
(II) when a mortgage principal balance is achieved
that is higher than as provided in this chapter; or
(ii) requires disclosure of information--
(I) that provides more information than the
information required by this chapter; or
(II) more often or at a date earlier than is
required by this chapter.
(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 July
29, 1998; 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 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).
(Pub. L. 105-216, Sec. 9, July 29, 1998, 112 Stat. 906.)
References in Text
The effective date of this chapter, referred to in subsec. (a)(1),
is 1 year after July 29, 1998, see section 13 of Pub. L. 105-216, set
out as an Effective Date note under section 4901 of this title.
