California Insurance Code

§ 12640.02

INS § 12640.02 Effective Jan 1, 2007Div. 2 · Part 6 · Ch. 2A · Art. 1

Statute text

The definitions set forth in this article shall govern the construction of the terms used in this chapter but shall not affect any other provisions of this code.

(a)“Mortgage guaranty insurance” means:

(1)Insurance against financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument constituting a first lien or charge on real estate, provided the improvement on the real estate is a residential building or a condominium unit or buildings designed for occupancy by not more than four families.

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Legislative history

Amended by Stats. 2006, Ch. 538, Sec. 473. Effective January 1, 2007.