40-3511. Issuance of insurance to lending institutions; extension of coverage to individual loans; consideration as group policies; owner-occupied, single-family dwelling, borrower not liable to compa - Kansas Statutes

40-3511

Chapter 40.--INSURANCE Article 35.--MORTGAGE GUARANTY INSURANCE COMPANIES

      40-3511.   Issuance of insurance to lending institutions; extensionof coverage to individual loans; consideration as group policies;owner-occupied, single-family dwelling, borrower not liable to companyfor deficiency arising from foreclosure sale.Policies of mortgage guaranty insurance may be issued to lendinginstitutions, with such lending institutions as the named insured.Coverage under such policies may be extended to individual loans bycertificates of insurance. Such policies shall be considered as grouppolicies for the purpose of complying with K.S.A. 40-214 andsuch policies and certificates of insurance shall be filed with thecommissioner of insurance in the manner prescribed by K.S.A. 40-216.With respect to owner-occupied, single-family dwellings, the mortgageguaranty insurance policy shall provide that the borrower shall not beliable to the insurance company for any deficiency arising from aforeclosure sale.

      History:   L. 1977, ch. 154, § 11; Jan. 1, 1978.