SECOND REGULAR SESSION
[TRULY AGREED TO AND FINALLY PASSED]
SENATE BILL NO. 719
89TH GENERAL ASSEMBLY
1998
S3261.01T
AN ACT
To repeal section 443.415, RSMo 1994, relating to mortgage insurance, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 443.415, RSMo 1994, is repealed and one new section enacted in lieu thereof, to be known as section 443.415, to read as follows:
443.415. Mortgage insurers may insure a mortgage in an amount not exceeding ninety-seven percent of the fair market value of the authorized real estate security at the time that the loan is made if secured by a first lien or charge on such real estate security [and the loan is extended to a low-income or moderate-income borrower or a first-time home buyer pursuant to a program designed to foster affordable housing].