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CA AB1645
Bill
Status
Passed
7/22/2016
Primary Sponsor
Matt Dababneh
Click for details
AI Summary
- Repeals provisions requiring mortgage guaranty insurers to limit coverage to a net of 30% at risk of entire indebtedness for residential mortgage insurance beginning January 1, 2018
- Removes authorization for mortgage guaranty insurers to extend coverage beyond established limits through reinsurance contracts
- Maintains existing requirements for mortgage guaranty insurers regarding coverage limits, portfolio restrictions, borrower disclosures, and reinsurance conditions
- Allows coverage limits to increase to 35% if Freddie Mac or Fannie Mae increase required insurance amounts, at the commissioner's discretion
- Effective upon approval by the Governor on July 22, 2016
Legislative Description
Mortgage guaranty insurance.
Last Action
Chaptered by Secretary of State - Chapter 62, Statutes of 2016.
7/22/2016
Committee Referrals
Insurance4/28/2016
Rules4/14/2016
Insurance2/4/2016
Full Bill Text
No bill text available