§ 42-34-11. Mortgage insurance premiums.
The authority is authorized to fix mortgage insurance premiums for the insurance of mortgage payments under the provisions of this chapter, such premiums to be computed as a percentage, which shall not exceed three percent (3%) per annum, of the principal obligation of the mortgage in such manner in each case as the authority shall determine on the basis of all pertinent available data. The premiums shall be payable by the mortgagors or the mortgagees in such manner as shall be prescribed by the authority. The amount of premium need not be uniform among the various loans insured.
History of Section.P.L. 1958, ch. 91, § 12; P.L. 1960, ch. 21, § 5.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-34 - Industrial-Recreational Building Authority
Section 42-34-1. - Creation of authority.
Section 42-34-3. - Credit of state pledged.
Section 42-34-4. - Organization of authority.
Section 42-34-6. - Definitions.
Section 42-34-8. - Permission to lease or rent property after default.
Section 42-34-9. - Mortgage insurance fund: Subrogation.
Section 42-34-10. - Insurance of mortgages.
Section 42-34-11. - Mortgage insurance premiums.
Section 42-34-12. - Authority’s expenses.
Section 42-34-13. - Mortgages eligible for investment.
Section 42-34-14. - Record of accounts.
Section 42-34-15. - Additions to mortgage insurance fund.
Section 42-34-15.1. - Agreement of state.
Section 42-34-16. - Interest of members of authority.