12 USC 4908 - Effect on other laws and agreements

U.S Code last checked for updates: Nov 22, 2024

§ 4908.

Effect on other laws and agreements

(a)

Effect on State law

(1)

In general

(2)

Protection of existing State laws

(A)

In general

(B)

Inconsistencies

A protected State law shall not be considered to be inconsistent with a provision of this chapter if the protected State law—

(i)

requires termination of private mortgage insurance or other mortgage guaranty insurance—

(I)

at a date earlier than as provided in this chapter; or

(II)

when a mortgage principal balance is achieved that is higher than as provided in this chapter; or

(ii)

requires disclosure of information—

(I)

that provides more information than the information required by this chapter; or

(II)

more often or at a date earlier than is required by this chapter.

(C)

Protected State laws

For purposes of this paragraph, the term “protected State law” means a State law—

(i)

regarding any requirements relating to private mortgage insurance in connection with residential mortgage transactions;

(ii)

that was enacted not later than 2 years after July 29, 1998; and

(iii)

that is the law of a State that had in effect, on or before January 2, 1998, any State law described in clause (i).

(b)

Effect on other agreements

(Pub. L. 105–216, § 9, July 29, 1998, 112 Stat. 906.)

cite as: 12 USC 4908