The Massachusetts Division of Banks held a public informational hearing to get input on rules that require creditors to provide disclosures when a borrower is required to purchase flood insurance.
The regulations were mandated under a new law that goes into effect on Nov. 20. It prohibits creditors from requiring flood insurance that is greater than the balance of the mortgage or that has less than a $5,000 deductible. The law also requires creditors to provide borrowers with a notice about flood insurance coverage before it is purchased.
The hearing was scheduled for Thursday.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Was this article valuable?
Here are more articles you may enjoy.
US House Task Force Releases ‘Blueprint’ for Federal AI Responsibility 
Amazon Ignored Its Own Worker Safety Studies, Senate Report Says 
European Central Bank Pitches Plan to Boost Coverage for Climate Losses 
New York Considers Making Property Insurers Cover Taxi Claims Losses 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.