§ 1715t. — Voluntary termination of insurance.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1715t]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER II--MORTGAGE INSURANCE
Sec. 1715t. Voluntary termination of insurance
Notwithstanding any other provision of this chapter and with respect
to any loan or mortgage heretofore or hereafter insured under this
chapter, except under section 1703 of this title and except as specified
under section 1715z-15 of this title and subtitle B of the Emergency Low
Income Housing Preservation Act of 1987,,\1\ the Secretary is authorized
to terminate any insurance contract upon request by the borrower or
mortgagor and the financial institution or mortgagee and upon payment of
such termination charge as the Secretary determines to be equitable,
taking into consideration the necessity of protecting the various
insurance Funds. Upon such termination, borrowers and mortgagors and
financial institutions and mortgagees shall be entitled to the rights,
if any, to which they would be entitled under this chapter if the
insurance contract were terminated by payment in full of the insured
loan or mortgage.
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\1\ So in original.
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(June 27, 1934, ch. 847, title II, Sec. 229, as added Pub. L. 86-372,
title I, Sec. 113, Sept. 23, 1959, 73 Stat. 662; amended Pub. L. 87-70,
title VI, Sec. 612(l), June 30, 1961, 75 Stat. 183; Pub. L. 89-117,
title XI, Sec. 1108(k), Aug. 10, 1965, 79 Stat. 505; Pub. L. 90-19,
Sec. 1(a)(3), May 25, 1967, 81 Stat. 17; Pub. L. 101-235, title II,
Sec. 202(d)(2), Dec. 15, 1989, 103 Stat. 2037.)
References in Text
The Emergency Low Income Housing Preservation Act of 1987, referred
to in text, is title II of Pub. L. 100-242, Feb. 5, 1988, 101 Stat.
1877, which, as amended by Pub. L. 101-625, is known as the Low-Income
Housing Preservation and Resident Homeownership Act of 1990. Subtitle B
of title II, which was formerly set out as a note under section 1715l of
this title and which amended section 1715z-6 of this title, was amended
generally by Pub. L. 101-625 and is classified generally to subchapter I
(Sec. 4101 et seq.) of chapter 42 of this title. For complete
classification of this Act to the Code, see Short Title note set out
under section 4101 of this title and Tables.
Amendments
1989--Pub. L. 101-235 inserted ``and except as specified under
section 1715z-15 of this title and subtitle B of the Emergency Low
Income Housing Preservation Act of 1987,'' after ``section 1703 of this
title''.
1967--Pub. L. 90-19 substituted ``Secretary'' for ``Commissioner''
wherever appearing.
1965--Pub. L. 89-117 struck out ``and Accounts'' after ``various
Insurance Funds''.
1961--Pub. L. 87-70 amended section generally, authorizing voluntary
termination of insurance contracts with respect to loans insured under
this chapter.
Section Referred to in Other Sections
This section is referred to in sections 1710, 1715z-15, 4101, 4122
of this title; title 42 section 8011.
