Maine Revised Statutes Title 10 Sec. 1028 – Mortgage insurance premiums
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Terms Used In Maine Revised Statutes Title 10 Sec. 1028
- Authority: means the Finance Authority of Maine as established by this chapter. See Maine Revised Statutes Title 10 Sec. 963-A
- Mortgage: means an agreement granting a lien upon or a security interest in eligible collateral upon certain conditions and includes, but is not limited to, a mortgage of real estate, an assignment of rents, a pledge or a security agreement. See Maine Revised Statutes Title 10 Sec. 963-A
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
The authority may fix mortgage insurance premiums for the insurance of mortgage payments under this subchapter. The effective rate of the insurance premiums shall not be more than 2% per year of the actual or scheduled outstanding principal obligation at the beginning of each year. The authority shall determine and prescribe the manner in which the premiums shall be payable, the effective rate of the insurance premium, the actual or scheduled outstanding principal obligation and other matters necessary and proper for the assessment and collection of the premiums. [PL 1985, c. 714, §26 (AMD).]
SECTION HISTORY
PL 1981, c. 476, §2 (NEW). PL 1985, c. 344, §51 (AMD). PL 1985, c. 714, §26 (AMD).