CHAPTER 211
H.P. 883 - L.D. 1286
An Act To Require Additional Disclosure Regarding Private Mortgage Insurance
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 33 MRSA §506 is enacted to read:
§506. Disclosure regarding private mortgage insurance
With respect to a mortgage loan on residential real property for which the processor or underwriter of that loan also engages in the business of private mortgage insurance, a supervised lender, as defined in Title 9-A, section 1-301, subsection 39, or a credit services organization, as defined in Title 9-A, section 10-102, shall disclose to the loan applicant at the time of application the fact that the processor or underwriter is also in the business of private mortgage insurance. Failure to provide the disclosure required by this section does not annul, alter or affect the validity or enforceability of the mortgage loan.
Effective September 17, 2005.
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