Arizona Laws 20-1547. Mortgage guaranty insurance as monoline
A. A mortgage guaranty insurance company that anywhere transacts any class of insurance other than mortgage guaranty insurance is not eligible for the issuance or renewal of a certificate of authority to transact mortgage guaranty insurance in this state.
Terms Used In Arizona Laws 20-1547
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage guaranty insurance: means insurance against financial loss by reason of nonpayment of:
(a) Principal, interest or other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real estate if the improvement on such real estate is a residential building or a condominium unit or buildings designed for occupancy by not more than four families. See Arizona Laws 20-1541
- Property: includes both real and personal property. See Arizona Laws 1-215
B. A mortgage guaranty insurance company that anywhere transacts the classes of insurance defined in section 20-1541, paragraph 4, subdivision (b) or (c) is not eligible for a certificate of authority to transact in this state the class of mortgage guaranty insurance defined in section 20-1541, paragraph 4, subdivision (a). A mortgage guaranty insurance company that transacts a class of insurance defined in section 20-1541, paragraph 4, subdivision (a) may write up to five per cent of its insurance in force on residential property designed for occupancy by five or more families.