CHAPTER 2A. Mortgage Guaranty Insurance [12640.01. - 12640.20.]

Chapter 2A added by Stats. 1961, Ch. 719.

§§ 12640.01–12640.20 · 23 sections

1. ARTICLE 1. Definitions §§ 12640.01–12640.02 · 2 sections

   • § 12640.01 This chapter may be cited as the Mortgage Guaranty Insurance Act.
   • § 12640.02 The definitions set forth in this article shall govern the construction of the terms used in this chapter but shall not affect any other provisions of this…
2. ARTICLE 2. Capital, Surplus and Contingency Reserve Requirements §§ 12640.03–12640.06 · 4 sections

   • § 12640.03 An insurer shall not transact the business of mortgage guaranty insurance unless it has paid-in capital of at least one million dollars ($1,000,000) and…
   • § 12640.04 (a) In addition to the paid-in capital and surplus provided in Section 12640.03, each mortgage guaranty insurer shall establish a contingency reserve after…
   • § 12640.05 (a) A mortgage guaranty insurer shall maintain a policyholders surplus in an amount not less than the amount required by this section. The policyholders…
   • § 12640.06 A mortgage guaranty insurer shall not declare any dividends except from undivided profits remaining on hand over and above the aggregate of its paid-in…
3. ARTICLE 4. Limitations and Restrictions for Transacting Business §§ 12640.07–12640.11 · 7 sections

   • § 12640.07 (a) Mortgage guaranty insurance may be transacted in this state only by a stock or mutual casualty insurer holding a certificate of authority for the…
   • § 12640.08 A mortgage guaranty insurer shall not insure loans secured by properties in a single housing tract or a contiguous tract in excess of ten (10) percent of the…
   • § 12640.09 (a) A mortgage guaranty insurer shall limit its coverage for the class of insurance defined in paragraph (3) of subdivision (a) of Section 12640.02 to no more…
   • § 12640.091 (a) In order to qualify as a segregated trust under subdivision (d) of Section 12640.09, a trust shall meet all of the following requirements: (1) Be…
   • § 12640.095 A mortgage guaranty insurer transacting the class of insurance defined in paragraph (2) of subdivision (a) of Section 12640.02 may reinsure with either the…
   • § 12640.10 (a) An insurer that anywhere transacts any class of insurance other than mortgage guaranty insurance defined in paragraphs (1), (3), and (4) of subdivision (a)…
   • § 12640.11 (a) Nothing in this chapter (commencing with Section 12640.01) shall be construed as limiting the right of any mortgage guaranty insurer to impose reasonable…
4. ARTICLE 5. Rebates and Commissions §§ 12640.12–12640.15 · 5 sections

   • § 12640.12 Every mortgage guaranty insurer shall adopt, print and make available a schedule of premium charges for mortgage guaranty insurance policies. The schedule…
   • § 12640.13 (a) No mortgage guaranty insurer shall pay to any person who is acting as agent, representative, attorney or employee of the owner, mortgagee of the…
   • § 12640.14 No mortgage guaranty insurer shall make any rebate of any portion of the premium charge shown by the schedule required by Section 12640.12. No mortgage…
   • § 12640.145 No mortgage guaranty insurer shall pay any compensation to any person for transacting insurance for or with it based in whole or in part upon a commission…
   • § 12640.15 The commissioner may after a hearing suspend or revoke the certificate of authority of any mortgage guaranty insurer which, after 10 days written notice from…
5. ARTICLE 6. Financial Statements § 12640.16 · 1 section

   • § 12640.16 (a) The provisions of Article 10 (commencing with Section 900), Chapter 1, Part 2, Division 1, relating to financial statements, shall apply to mortgage…
6. ARTICLE 7. Applicability of Other Laws § 12640.17 · 1 section

   • § 12640.17 All the applicable provisions of this code and of other statutes of this state, except as the same may be in conflict herewith, shall apply to the operation…
7. ARTICLE 8. Additional Powers of Commissioner § 12640.18 · 1 section

   • § 12640.18 The commissioner may adopt, pursuant to Chapter 3.5 (commencing with Section 11340 ) of Part 1 of Division 3 of Title 2 of the Government Code, such reasonable…
8. ARTICLE 9. Advertising § 12640.19 · 1 section

   • § 12640.19 No bank, savings and loan association or insurance company, any of whose authorized real estate securities are insured by mortgage guaranty insurance pursuant…
9. ARTICLE 10. Fees § 12640.20 · 1 section

   • § 12640.20 The commissioner shall collect in advance a fee of four hundred seventy-two dollars ($472) from each mortgage guaranty insurer for the examination and analysis…