Page:United States Statutes at Large Volume 112 Part 1.djvu/934

 112 STAT. 908 PUBLIC LAW 105-216—JULY 29, 1998 Notification. 12 USC 4910. 12 USC 4901 note. Effective date. 12 USC 1441a note. (c) ENFORCEMENT AND REIMBURSEMENT.—In carrying out its enforcement activities under this section, each agency referred to in subsection (a) shall— (1) notify the mortgagee or servicer of any failure of the mortgagee or servicer to comply with 1 or more provisions of this Act; (2) with respect to each such failure to comply, require the mortgagee or servicer, as applicable, to correct the account of the mortgagor to reflect the date on which the mortgage insurance should have been canceled or terminated under this Act; and (3) require the mortgagee or servicer, as applicable, to reimburse the mortgagor in an amount equal to the total unearned premiums paid by the mortgagor after the date on which the obligation to pay those premiums ceased under this Act. SEC. 11. CONSTRUCTION. (a) PMI NOT REQUIRED.—Nothing in this Act shall be construed to impose any requirement for private mortgage insurance in connection with a residential mortgage transaction. (b) No PRECLUSION OF CANCELLATION OR TERMINATION AGREE- MENTS.— Nothing in this Act shall be construed to preclude cancellation or termination, by agreement between a mortgagor and the holder of the mortgage, of a requirement for private mortgage insurance in connection with a residential mortgage transaction before the cancellation or termination date established by this Act for the mortgage. SEC. 12. AMENDMENT TO HIGHER EDUCATION ACT OF 1965. Section 481(a)(4) of the Higher Education Act of 1965 (20 U.S.C. 1088(a)(4)) is amended by— (1) inserting the subparagraph designation "(A)" immediately after the paragraph designation "(4)"; (2) redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; and (3) adding at the end thereof the following new subparagraph: "(B) Subparagraph (A)(i) shall not apply to a nonprofit institution whose primary function is to provide health care educational services (or an affiliate of such an institution that has the power, by contract or ownership interest, to direct or cause the direction of the institution's msmagement or policies) that files for bsinkruptcy under chapter 11 of title 11 of the United States Code between July 1, and December 31, 1998.". SEC. 13. EFFECTIVE DATE. This Act, other than section 14, shall become effective 1 year after the date of enactment of this Act. SEC. 14. ABOLISHMENT OF THE THRIFT DEPOSITOR PROTECTION OVERSIGHT BOARD. (a) IN GENERAL. —Effective at the end of the 3-month period beginning on the date of enactment of this Act, the Thrift Depositor Protection Oversight Board established under section 21A of the Federal Home Loan Bank Act (hereafter in this section referred to as the "Oversight Board") is hereby abolished.

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