| SB 0719 | Modifies mortgage insurance requirements for residential loans |
| Sponsor: | Yeckel | |||
| LR Number: | S3261.01T | Fiscal Note: | 3261-01 | |
| Committee: | Insurance and Housing | |||
| Last Action: | 07/09/98 - Signed by Governor | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1998 | |||
SB 719 - This act amends Section 443.415, which relates to mortgage insurers' ability to insure a mortgage to allow insurance for up to 97% of the fair market value of real estate secured by a first lien or charge on the real estate security (currently 95%). The act would remove the requirement that the loan be extended to a low-income buyer, moderate-income buyer or a first-time buyer to purchase affordable housing.
This act is the same as Truly Agreed To and Finally Passed
HB 1794.
MICHAEL HOEFERKAMP