6.2-413 - (Effective October 1, 2010) Obligation of lender to reimburse unused mortgage guaranty insurance premiums. - Virginia Statutes

§ 6.2-413. (Effective October 1, 2010) Obligation of lender to reimburseunused mortgage guaranty insurance premiums.

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

(1980, c. 748, § 6.1-2.9:1; 1990, c. 7; 2010, c. 794.)