US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 1715t

Voluntary termination of insurance

section 1703 of this titlesection 1715z–15 of this title1

1 So in original.
Notwithstanding any other provision of this chapter and with respect to any loan or mortgage heretofore or hereafter insured under this chapter, except under and except as specified under and subtitle B of the Emergency Low Income Housing Preservation Act of 1987,, the Secretary is authorized to terminate any insurance contract upon request by the borrower or mortgagor and the financial institution or mortgagee and upon payment of such termination charge as the Secretary determines to be equitable, taking into consideration the necessity of protecting the various insurance Funds. Upon such termination, borrowers and mortgagors and financial institutions and mortgagees shall be entitled to the rights, if any, to which they would be entitled under this chapter if the insurance contract were terminated by payment in full of the insured loan or mortgage.

June 27, 1934, ch. 847Pub. L. 86–372, title I, § 11373 Stat. 662Pub. L. 87–70, title VI, § 612l75 Stat. 183Pub. L. 89–117, title XI, § 1108(k)79 Stat. 505Pub. L. 90–19, § 1(a)(3)81 Stat. 17Pub. L. 101–235, title II, § 202(d)(2)103 Stat. 2037(, title II, § 229, as added , , ; amended (), , ; , , ; , , ; , , .)

Editorial Notes

References in Text

act June 27, 1934, ch. 84748 Stat. 1246This chapter, referred to in text, was in the original “this Act”, meaning , , which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.

Pub. L. 100–242101 Stat. 1877Pub. L. 101–625lsection 1715z–6 of this titlePub. L. 101–625section 4101 of this titleThe Emergency Low Income Housing Preservation Act of 1987, referred to in text, is title II of , , , which, as amended by , is known as the Low-Income Housing Preservation and Resident Homeownership Act of 1990. Subtitle B of title II, which was formerly set out as a note under section 1715 of this title and which amended , was amended generally by and is classified generally to subchapter I (§ 4101 et seq.) of chapter 42 of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 101–235section 1715z–15 of this titlesection 1703 of this title1989— inserted “and except as specified under and subtitle B of the Emergency Low Income Housing Preservation Act of 1987,” after “”.

Pub. L. 90–191967— substituted “Secretary” for “Commissioner” wherever appearing.

Pub. L. 89–1171965— struck out “and Accounts” after “various Insurance Funds”.

Pub. L. 87–701961— amended section generally, authorizing voluntary termination of insurance contracts with respect to loans insured under this chapter.