§ 6.2-413 Obligation of lender to reimburse unused mortgage guaranty insurance premiums
Any lender that requires, as a prerequisite to its lending money for the purchase of real property, that private mortgage insurance be secured to insure a certain amount of the lender’s interest in the property shall return to the person who paid the premium, or other person entitled thereto, any portion of the premium for such insurance that is not used to secure insurance for the lender’s interest in the property.
History
This law was first created in 1980. The record of its establishment is cataloged in chapter 748 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1980 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1990, chapter 7; in 2010, chapter 794.
1980, c. 748, § 6.1-2.9:1; 1990, c. 7; 2010, c. 794.