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News
Mortgage Property Insurance Coverage Act
Bulletin – Thursday, July 10, 2008
On July 4th, Pennsylvania’s Gov. Ed Rendell signed into law The Mortgage Property Insurance Coverage Act. This legislation prohibits lenders from requiring borrowers to insure their property in excess of the building values on the land. This bill brings PA into line with most other states that have similar legislation prohibiting the practice of requiring homeowner’s insurance on the full loan amount.