515C.5 - LIMIT OF OUTSTANDING LIABILITY.

        515C.5  LIMIT OF OUTSTANDING LIABILITY.         A mortgage guaranty insurer shall not at any time have outstanding      a total liability, net of reinsurance, in excess of twenty-five times      its capital, unassigned funds and contingency reserve.  It shall not      insure loans secured by properties in a single housing tract or a      contiguous tract (not separated by more than one-half mile) in excess      of ten percent of its capital, unassigned funds and contingency      reserve.  Coverage may be provided only if the properties in such      tract are residential buildings, buildings designed for occupancy by      not more than four families, or owner-occupied mobile homes.  
         Section History: Early Form
         [C66, 71, 73, 75, 77, 79, 81, § 515C.5]         Referred to in § 515C.11