6.1-2.9:1 - (Repealed effective October 1, 2010) Obligation of lender to reimburse unused mortgage guaranty ins... - Virginia Statutes

§ 6.1-2.9:1. (Repealed effective October 1, 2010) Obligation of lender toreimburse unused mortgage guaranty insurance premiums.

Any lender, which requires as a prerequisite to its lending money for thepurchase of real property that private mortgage insurance be secured toinsure a certain amount of such institution's interest in the property, shallreturn to the person who paid the premium, or other person entitled thereto,any portion of the premium for such insurance that is not used to secureinsurance for such institution's interest in the property.

(1980, c. 748; 1990, c. 7.)