Maine passed a bill enacting a private mortgage insurance disclosure requirement under the Maine Consumer Credit Code. Under the bill, a supervised lender or servicer of a residential mortgage (1-to 4- family dwelling occupied as the borrower’s principal residence) must annually disclose to the borrower the borrower’s right under the federal Homeowner Protection Act of 1998 to cancel or terminate private mortgage insurance, and the address and telephone number the borrower may use to contact the lender or servicer to determine whether the borrower may cancel the private mortgage insurance. The bill becomes effective August 28, 2023.
Click to view the Maine Senate Bill 449: https://www.tenaco.com/wp-content/uploads/2023/08/ME-SB-449-06-24-23.pdf
