California Civil Code

§ 2954.7

CIV § 2954.7 Effective Jan 1, 2007Div. 3 · Title 14 · Part 4 · Ch. 2 · Art. 2

Statute text

Except when a statute, regulation, rule, or written guideline promulgated by an institutional third party applicable to notes or evidence of indebtedness secured by a deed of trust or mortgage purchased in whole or in part by an institutional third party specifically prohibits cancellation during the term of the indebtedness, if a borrower so requests and the conditions established by paragraphs (1) to (5), inclusive, of subdivision (a) are met, a borrower may terminate future payments for private mortgage insurance, or mortgage guaranty insurance as defined in subdivision (a) of Section 12640.02 of the Insurance Code, issued as a condition to the extension of credit in the form of a loan evidenced by a note or other evidence of indebtedness that is secured by a deed of trust or mortgage on the subject real property.

(a)The following conditions shall be satisfied in order for a borrower to be entitled to terminate payments for private mortgage insurance or mortgage guaranty insurance:

(1)The request to terminate future payments for private mortgage insurance or mortgage guaranty insurance shall be in writing.

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Legislative history

Amended by Stats. 2006, Ch. 538, Sec. 56. Effective January 1, 2007.