12 USC 4904 - Notification upon cancellation or termination

U.S Code last checked for updates: Apr 26, 2024

§ 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

(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

 See References in Text note below.

of this title; and

(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, § 5, July 29, 1998, 112 Stat. 903.)

cite as: 12 USC 4904