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 1998 requires termination of the private mortgage insurance insuring the mortgage.
Structure Maryland Statutes
Title 5 - Banking Institutions -- General Provisions
Subtitle 5 - Miscellaneous Regulations
Section 5-503 - Investment in Real Property and Furnishings
Section 5-504 - Additional Banking Activities and Bank-Related Services Authorized
Section 5-506 - Financial Information From Certain Borrowers
Section 5-507 - Notice of Rejection of Application for Residential Mortgage
Section 5-508 - Elimination of Mortgage Insurance Charge When Principal Reduced
Section 5-509 - Federal Deposit Insurance Corporation and Reserve System Memberships
Section 5-511 - Multiple Directorships
Section 5-512 - Loans to Directors, Officers, or Employees
Section 5-513 - Return of Checks for Customers With Truncated Checking Accounts