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Senate Bill 147 |
Senate Author: Deuell |
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Effective: 6-14-13 |
House Sponsor: Smithee |
Senate Bill 147 repeals provisions of the Insurance Code that require a mortgage guaranty insurer, in providing insurance against financial loss because of nonpayment of amounts agreed to be paid under the terms of a note, bond, or other evidence of indebtedness that is secured by an authorized real estate security for certain real estate improvements, to elect to limit the insurer's coverage against such financial losses, net of reinsurance, to a maximum of 25 percent of the entire indebtedness to the insured or elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate security.