Sec. 229. voluntary termination of insurance
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## Sec. 229 voluntary termination of insurance **[**[12 U.S.C. 1715t](/us/usc/t12/s1715t)**]** Notwithstanding any other provision of this Act and with respect to any loan or mortgage heretofore or hereafter insured under this Act, except under section 2 and except as specified under section 250 of this Act and subtitle B of the Emergency Low Income Housing Preservation Act of 1987,,72 the Secretary is authorized to terminate any insurance contract upon request by the borrower or mortgagor and the financial institution or mortgagee and upon payment of such termination charge as the Secretary determines to be equitable, taking into consideration the necessity of protecting the various insurance Funds.
Upon such termination, borrowers and mortgagors and financial institutions and mortgagees shall be entitled to the rights, if any, to which they would be entitled under this Act if the insurance contract were terminated by payment in full of the insured loan or mortgage. 72So in law.
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Sec. 229
voluntary termination of insurance
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