Maine Adds Annual PMI Cancellation Notice Requirement

Effective September 20, 2023, supervised lenders and servicers of residential mortgages will be required to provide borrowers with an annual disclosure document informing them of their right to cancel or to terminate private mortgage insurance, in accordance with the provisions of the federal Homeowners Protection Act of 1998. The notice also must include the address and telephone number the borrower should use to contact the lender or servicer to determine whether cancellation of private mortgage insurance is available.

To read Maine Senate Bill 449 in its entirety, please visit http://www.mainelegislature.org/legis/bills/getPDF.asp?paper=SP0449&item=3&snum=131.