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.
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