This Act makes minor amendments to sections 4, 5 and 14 of the Mortgage Insurance Act in respect of: percentage of the appraised value of the property to be mortgaged; the percentage of insurance fees; and income of the Jamaica Mortgage Bank.
Amends: Mortgage Insurance Act. (2011)
This Act grants power to the Jamaica Mortgage Bank to effect contracts of insurance for loans insurable under this Act. Loans include loans for the purchase of agricultural land and loans secured by a first mortgage on agricultural land or not exceeding twenty-five years in term. The Act also provides for criteria and procedures for the execution of the insurance. The Bank shall establish a Mortgage Insurance Fund for purposes of this Act.
Implemented by: Mortgage Insurance Regulations. (1986)
Amended by: Mortgage Insurance (Amendment) Act (No. 19 of 2014). (2014-12-23)
These Regulations implement provisions of the Mortgage Insurance Act in respect of a wide variety of matters including application for an approved loan, criteria for approval of a loan, the relationship between the approved lender and the Jamaica Mortgage Bank, insurance of an approved loan and conditions of insurance.
Implements: Mortgage Insurance Act. (2011)
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