If a banking institution holds a first mortgage on residential property and a private mortgage insurance corporation partially insures the mortgage, the banking institution shall eliminate all charges to the mortgagor for mortgage insurance premiums when the mortgage is reduced to the level at which the federal Homeowners Protection Act of 1998¹ requires termination of the private mortgage insurance insuring the mortgage.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1999, c. 634, § 1, eff. July 29, 1999.

Formerly Art. 11, § 108J.

Pub.L. 105-216, July 29, 1998, 112 Stat. 897, codified at 12 U.S.C.A. § 4901 et seq.