§ 20-1541 – Definitions
20-1541. Definitions In this article, unless the context otherwise requires: 1. " Authorized real estate security" means either: (a) Any amortized note, bond or other evidence of indebtedness that is secured by both a mortgage, deed of trust or other instrument that constitutes or is equivalent to a first lien or charge on real estate […]
§ 20-1542 – Capital and surplus
20-1542. Capital and surplus A. A mortgage guaranty insurance company shall not transact the business of mortgage guaranty insurance unless: 1. If a stock insurance company, it has paid in capital of at least one million dollars and paid in surplus of at least one million dollars. 2. If a mutual insurance company, it has […]
§ 20-1543 – Limitation on geographic concentration
20-1543. Limitation on geographic concentration A. A mortgage guaranty insurance company shall not: 1. Insure loans secured by a single risk in excess of ten per cent of the company’s aggregate capital, surplus and contingency reserve. 2. Have more than twenty per cent of its total insurance in force in any one standard metropolitan statistical […]
§ 20-1544 – Limitation on advertising
20-1544. Limitation on advertising A mortgage guaranty insurance company or any agent or representative of a mortgage guaranty insurance company shall not prepare or distribute or assist in preparing or distributing any brochure, pamphlet, report or any form of advertising to the effect that the real estate investments of any financial institution are " insured […]
§ 20-1545 – Limitation on investment
20-1545. Limitation on investment A mortgage guaranty insurance company shall not invest in notes or other evidences of indebtedness secured by mortgage or other lien upon real property. This section shall not apply to obligations secured by real property, or contracts for the sale of real property, which are acquired in the course of the […]
§ 20-1547 – Mortgage guaranty insurance as monoline
20-1547. Mortgage guaranty insurance as monoline A. A mortgage guaranty insurance company that anywhere transacts any class of insurance other than mortgage guaranty insurance is not eligible for the issuance or renewal of a certificate of authority to transact mortgage guaranty insurance in this state. B. A mortgage guaranty insurance company that anywhere transacts the […]
§ 20-1548 – Underwriting discrimination
20-1548. Underwriting discrimination A. Nothing in this article shall be construed as limiting the right of any mortgage guaranty insurance company to impose reasonable requirements upon the lender with regard to the terms of any note or bond or other evidence of indebtedness secured by a mortgage or deed of trust, such as requiring a […]
§ 20-1549 – Policy forms and premium rates filed
20-1549. Policy forms and premium rates filed A. A mortgage guaranty insurer shall file all policy forms, endorsements and rates a mortgage guaranty insurer proposes to use with the director pursuant to chapter 2, article 4.1. With respect to owner-occupied, single-family dwellings, the mortgage guaranty insurance policy shall provide that the borrower shall not be […]
§ 20-1550 – Minimum policyholder position; definitions
20-1550. Minimum policyholder position; definitions A. A mortgage guaranty insurer shall maintain at all times a minimum policyholder position in an amount not less than the amount required by this section. The face amount of an insured mortgage shall include reinsurance assumed and shall be calculated net of reinsurance that is ceded to an insurer […]
§ 20-1551 – Rebates, commissions and charges
20-1551. Rebates, commissions and charges A. A mortgage guaranty insurance company shall not pay or cause to be paid either directly or indirectly, to any owner, purchaser, lessor, lessee, mortgagee or prospective mortgagee of the real property which secures the authorized real estate security or which is the fee of an insured lease, or any […]