§ 228 - Mortgage insurance premiums - Vermont Statutes

§ 228. Mortgage insurance premiums

The authority may fix mortgage insurance premiums for insurance contracts. Such premiums shall be computed as a percentage of the insured obligation outstanding at the beginning of each year. The insurance premiums shall be not less than one half of one percent per year nor more than two percent per year of the outstanding insured balance and shall be payable by the mortgagee in such manner as may be prescribed by the authority. In the alternative, the authority may establish a single premium for the issuance of a mortgage insurance contract at not more than five percent of the insured obligation which shall be payable by the mortgagee in such manner as may be prescribed by the authority. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1983, No. 33, § 4, eff. April 22, 1983.)