[§506-9]  Mortgage insurance; notice of
right to cancel.  (a)  Any person, on behalf of a casualty insurance
company, that provides a mortgagor with mortgage life insurance without charge
for a period less than the term of the mortgage, which insurance is not a
condition of obtaining the mortgage, shall send each insured mortgagor written
notice advising each such mortgagor of the right to cancel the insurance, of
the requirements for effecting such cancellation, and that premiums will be
charged for the insurance unless it is canceled.  The notice shall be sent to
each insured mortgagor at least four weeks prior to the expiration of the
period during which the insurance is provided without charge.



(b)  For the purposes of this section,
"mortgage life insurance" means an insurance plan which will pay off
the mortgage balance in the event of the death or, as the case may be,
disability of the insured mortgagor. [L 1989, c 239, §5]