NY A01430

Requires mortgage investing institutions to provide written notice to mortgagors when personal mortgage insurance (PMI) is no longer required on their loan.

Notice must be delivered within thirty days of the date the mortgagor acquires sufficient equity to eliminate the necessity for PMI coverage.

Applies to mortgagors with title to and occupying one to four family residences located in New York State that are subject to a mortgage.

Defines "mortgage investing institution" to include banks, credit unions, mortgage bankers, investment companies, pension funds, and other entities that require mortgagors to maintain PMI.

Takes effect thirty days after becoming law.