Section 41-2650 – SHORT TITLE.

41-2650. SHORT TITLE. This chapter may be cited as the mortgage guaranty insurance act. History: [I.C., sec. 41-2650, as added by 1972, ch. 79, sec. 1, p. 159.]

Section 41-2651 – DEFINITIONS.

41-2651. DEFINITIONS. In this chapter unless context or subject matter otherwise requires: (1) "Mortgage guaranty insurance" means: (a) 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 […]

Section 41-2652 – AUTHORITY TO TRANSACT BUSINESS.

41-2652. AUTHORITY TO TRANSACT BUSINESS. Mortgage guaranty insurance may be transacted only by a stock insurer while possessing and maintaining paid-in capital stock of not less than one million five hundred thousand dollars ($1,500,000) and surplus of not less than one million five hundred thousand dollars ($1,500,000) and duly authorized to transact insurance in this […]

Section 41-2653 – LIMITS OF RISK.

41-2653. LIMITS OF RISK. (1) The insurer shall not retain risk as to any one (1) loan, or as to all loans secured by properties in a single housing tract or a contiguous tract, in an amount in excess of ten percent (10%) of the insurer’s policyholders’ surplus. In determining the amount of risk retained, […]

Section 41-2654 – RESERVES.

41-2654. RESERVES. The insurer shall, as to mortgage guaranty insurance written by it, maintain unearned premium, contingency, and loss reserves as required by chapter 6, title 41, Idaho Code, except the unearned premium reserve for those policies covering a risk period of more than five (5) years shall be computed in accordance with formulae filed […]

Section 41-2655 – SCHEDULE OF PREMIUM CHARGES.

41-2655. SCHEDULE OF PREMIUM CHARGES. The insurer shall adopt, print and make available to persons desiring the same, a schedule of premium charges for mortgage guaranty insurance policies. The schedule shall show the entire amount of premium charge for each type of mortgage guaranty insurance policy issued by the insurer. The insurer shall not quote […]

Section 41-2656 – ADVERTISING.

41-2656. ADVERTISING. No lending institution or lender, any of whose authorized real property securities are insured by mortgage guaranty insurance pursuant to this chapter, shall state in any form of advertising that the real property loans of the institution or lender are "insured loans" unless the advertising also clearly states that the loans are insured […]