<html> <head> <title>Rule 06:01:04:09 Mortgage credit insurance and special hazard insurance for mortgage pass-through certificates.</title> <META NAME="Keywords" Content="Administrative Rules 06:01:04:09"> <META NAME="Description" Content="Administrative Rules 06:01:04:09 Mortgage credit insurance and special hazard insurance for mortgage pass-through certificates."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>6:01:04:09.&nbsp;&nbsp;Mortgage credit insurance and special hazard insurance for mortgage pass-through certificates.</b> Mortgage pass-through certificates where the underlying mortgage loans are not insured or guaranteed as provided in subdivision 6:01:04:05(1) may be purchased only if the underlying pool of mortgage loans is covered by mortgage credit insurance in an amount equal to at least 5 percent of the amount of the pool in addition to the mortgage credit insurance on the individual mortgages and the properties securing the underlying pool of mortgages are covered by special hazard insurance in an amount at least equal to one percent of the amount of the pool to compensate for catastrophes not normally covered by home owners' insurance.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 9 SDR 53, effective November 3, 1982.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-5-28">4-5-28.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=4-5-28">4-5-28.</A></p> </div> </body> </html>