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NY S06693
Bill
Status
Engrossed
6/17/2016
Primary Sponsor
James Seward
Click for details
AI Summary
- Removes the requirement that mortgage insurers on first lien loans limit coverage net of reinsurance to 25% of total indebtedness to the insured
- Allows mortgage insurers on first lien loans to elect instead to pay the entire indebtedness and acquire title to the real estate security
- Removes the requirement that mortgage insurers on junior lien loans limit coverage net of reinsurance to 25% of combined indebtedness of all existing mortgage loans
- Permits mortgage insurers to insure a portfolio of junior lien loans without the previous restriction that total amount at risk in any pool not exceed 20% of original principal mortgage loans insured
- Takes effect immediately upon enactment
Legislative Description
Relates to mortgage guaranty insurance; removes requirement that mortgage guaranty insurers restrict their coverage, net of applicable reinsurance, to twenty-five percent of the total indebtedness to an insured.
Last Action
referred to insurance
6/17/2016
Committee Referrals
Insurance6/17/2016
Insurance2/5/2016
Full Bill Text
No bill text available