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H. 5133
STATUS INFORMATION
House Resolution
Sponsors: Reps. Toole, Spires, Clyburn, Hart, Hosey, E.H. Pitts, M.A. Pitts and Sandifer
Document Path: l:\council\bills\agm\19241mm08.doc
Introduced in the House on May 7, 2008
Currently residing in the House Committee on Invitations and Memorial Resolutions
Summary: Homeowners Protection Act of 1998
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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5/7/2008 House Introduced HJ-95
5/7/2008 House Referred to Committee on Invitations and Memorial
Resolutions HJ-95
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO URGE THE UNITED STATES CONGRESS TO AMEND THE HOMEOWNERS PROTECTION ACT OF 1998 SO AS TO PROVIDE FOR TERMINATION OR CANCELLATION OF THE MORTGAGE INSURANCE COVERAGE REQUIREMENT OF A MORTGAGE AT A CERTAIN VALUATION OF THE SUBJECT HOME.
Whereas, the Homeowners Protection Act of 1998 is a federal law designed to protect people who buy homes using private mortgage insurance; and
Whereas, the Homeowners Protection Act of 1998 expressly supersedes any provisions of law of any State enacted after July 29, 2000, relating to requirements for cancellation or termination of private mortgage insurance; and
Whereas, in some circumstances, mortgagors improve the property securing their mortgage loan, to the extent that the principal balance of the mortgage loan reaches or falls below eighty percent of the current value of the property securing the loan; and
Whereas, the Homeowners Protection Act of 1998 does not provide for termination of the private mortgage insurance requirement of a mortgage based on the principal balance of the mortgage loan reaching or falling below eighty percent of the original or current value of the property securing the loan. Now, therefore,
Be it resolved by the House of Representatives:
That the members of the South Carolina House of Representatives, by this resolution, urge the United States Congress to examine the possibility of amending the Homeowners Protection Act of 1998 to provide for termination or cancellation of the private mortgage insurance requirement of a mortgage at the time the mortgagor provides evidence to the servicer, mortgagee, or mortgage insurer establishing that the principal balance of the mortgage loan has reached or fallen below eighty percent of the current value of the property securing the loan.
Be it further resolved that a copy of this resolution be forwarded to the President of the United States, the United States Senate and House of Representatives, and the members of the South Carolina Congressional Delegation.
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