Maine Revised Statutes Title 9-A Sec. 9-315 – Notice of rights under federal Homeowners Protection Act of 1998
Current as of: 2023 | Check for updates
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1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. “Private mortgage insurance” has the same meaning as in the federal Homeowners Protection Act of 1998, as in effect on January 1, 2023, 12 United States Code § 4901(13). [PL 2023, c. 258, §1 (NEW).]
B. “Residential mortgage transaction” means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment contract or equivalent consensual security interest is created or retained against a single-family dwelling or a dwelling that consists of no more than 4 units that is the principal residence of the mortgagor to finance the acquisition, initial construction or refinancing of that dwelling. [PL 2023, c. 258, §1 (NEW).]
[PL 2023, c. 258, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 9-315
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Annual notice. A supervised lender, or a mortgage loan servicer acting on behalf of a supervised lender, in a residential mortgage transaction shall disclose in an annual written statement to the mortgagor:
A. The rights of the mortgagor under the federal Homeowners Protection Act of 1998 to cancellation or termination of the private mortgage insurance requirement; and [PL 2023, c. 258, §1 (NEW).]
B. The address and telephone number that the mortgagor may use to contact the supervised lender or mortgage loan servicer to determine whether the mortgagor may cancel the private mortgage insurance. [PL 2023, c. 258, §1 (NEW).]
[PL 2023, c. 258, §1 (NEW).]
SECTION HISTORY
PL 2023, c. 258, §1 (NEW).