California · Insurance Code

INS §12640.14: No mortgage guaranty insurer shall make any rebate of any portion of the premium charge shown by the schedule required by Section 12640.

Civil

What this law says, in plain English

Mortgage guaranty insurers are prohibited from rebating premiums or quoting lower rates than those offered to others for the same policy type. Charging less than the current premium schedule constitutes an unlawful rebate.

Read the full statutory text

No mortgage guaranty insurer shall make any rebate of any portion of the premium charge shown by the schedule required by Section 12640.12. No mortgage guaranty insurer shall quote any premium charge to any person which is less than that currently available to others for the same type of mortgage guaranty insurance policy. The amount by which any premium charge is less than that called for by the current schedule of premium charges is an unlawful rebate.

Verify at the official source: California legislative text

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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.