Maine Revised Statutes Title 33 Sec. 503 – Property insurance
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Terms Used In Maine Revised Statutes Title 33 Sec. 503
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
No person or financial institution making a residential mortgage loan for one to 4 residential units may, as a condition of the mortgage or as a term of the mortgage deed, require that the mortgagor carry property insurance on the property which is the subject of the mortgage in excess of the replacement cost of any buildings or appurtenances subject to the mortgage. [PL 1985, c. 182 (NEW).]
SECTION HISTORY
PL 1985, c. 182 (NEW).