12 U.S.C. § 4908

Effect on other laws and agreements

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 12 CasesGoogle Scholar

(a) Effect on State law(1) In general

With respect to any residential mortgage or residential mortgage transaction consummated after the effective date of this chapter, and except as provided in paragraph (2), the provisions of this chapter shall supersede any provisions of the law of any State relating to requirements for obtaining or maintaining private mortgage insurance in connection with residential mortgage transactions, cancellation or automatic termination of such private mortgage insurance, any disclosure of information addressed by this chapter, and any other matter specifically addressed by this chapter.

(2) Protection of existing State laws(A) In general

The provisions of this chapter do not supersede protected State laws, except to the extent that the protected State laws are inconsistent with any provision of this chapter, and then only to the extent of the inconsistency.

(B) InconsistenciesA protected State law shall not be considered to be inconsistent with a provision of this chapter if the protected State law—(i) requires termination of private mortgage insurance or other mortgage guaranty insurance—(I) at a date earlier than as provided in this chapter; or(II) when a mortgage principal balance is achieved that is higher than as provided in this chapter; or(ii) requires disclosure of information—(I) that provides more information than the information required by this chapter; or(II) more often or at a date earlier than is required by this chapter.(C) Protected State lawsFor purposes of this paragraph, the term “protected State law” means a State law—(i) regarding any requirements relating to private mortgage insurance in connection with residential mortgage transactions;(ii) that was enacted not later than 2 years after July 29, 1998; and(iii) that is the law of a State that had in effect, on or before January 2, 1998, any State law described in clause (i).(b) Effect on other agreements

The provisions of this chapter shall supersede any conflicting provision contained in any agreement relating to the servicing of a residential mortgage loan entered into by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any private investor or note holder (or any successors thereto).

(Pub. L. 105–216, § 9, July 29, 1998, 112 Stat. 906.)Editorial NotesReferences in Text

The effective date of this chapter, referred to in subsec. (a)(1), is 1 year after July 29, 1998, see section 13 of Pub. L. 105–216, set out as an Effective Date note under section 4901 of this title.

Statutory Notes and Related SubsidiariesEffective Date

Section effective 1 year after July 29, 1998, see section 13 of Pub. L. 105–216, set out as a note under section 4901 of this title.

Notes of Decisions

Cited in 9 cases (2 in the last 5 years), 2010–2023 · leading case: Augustson v. Bank of Am., N.A., 864 F. Supp. 2d 422 (E.D.N.C. 2012).

Sort: Relevance Newest Treatment

Augustson v. Bank of Am., N.A., 864 F. Supp. 2d 422 (E.D.N.C. 2012). · cites it 8× “in the course of their dealing with [Bank" of America] that [plaintiffs] were justified in expecting.”

Fellows v. CitiMortgage, Inc., 710 F. Supp. 2d 385 (S.D.N.Y. 2010). · cites it 3× “” 12 U.S.C. § 4908 (a)(1) (emphasis added).”

Ginnine Fried v. JP Morgan Chase & Co, 850 F.3d 590 (3rd Cir. 2017). “12 U.S.C. § 4908 (b). If the Servicing Guidelines would produce a result that de *602 parts from the Protection Act’s text, there is a conflict, and per § 4908(b) the statute prevails.”

Dwoskin v. Bank of Am., N.A., 850 F. Supp. 2d 557 (D. Maryland 2012). · cites it 2× “See 12 U.S.C. § 4908 (a)(1). That clause states: With respect to any residential mortgage or residential mortgage transaction consummated after [July 29, 1999], and except as provided in paragraph (2), the provisions of this chapter shall supersede any provisions of the law of…”

Matthew Dwoskin v. Bank of Am., N.A., 888 F.3d 117 (4th Cir. 2018). “12 U.S.C. § 4908 (a)(1) ; see also Ciolino v.”

Ciolino v. Seterus, Inc., 202 F. Supp. 3d 841 (N.D. Ill. 2016). · cites it 2× “12 U.S.C. § 4908 (a)(1). “Protected State laws”—laws concerning PMI requirements enacted before or within two years after July 29, 1998 (the date the HPA was adopted) by a state that had PMI requirements in effect before Januai-y 2, 1998— are not preempted by the HPA unless they…”

Gregor v. Aurora Bank FSB, 26 F. Supp. 3d 146 (D.R.I. 2014). · cites it 2× “12 U.S.C. § 4908 (a) (emphasis added). As of this writing, only a handful of courts have analyzed this language, with differing results.”

Abruscato v. Wells Fargo Bank, N.A., d/b/a Wells Fargo Home Mortg. (N.D. Ill. 2022). “12 U.S.C. § 4908 (a)(2). The Abruscatos confusingly mention the Section 4908 carveout and insist that the ICFA was enacted prior to 1998.”

Washington v. Wells Fargo Bank, Nat'l Ass'n (M.D.N.C. 2023). “The HPA has an express preemption clause, which provides that it “shall supersede any provisions of the law of any State relating to requirements for obtaining or maintaining private mortgage insurance in connection with residential mortgage transactions, cancellation or…”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.