Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Private Mortgage Insurance Consumer
Protection Act''.

SEC. 2. NOTIFICATION OF CANCELLATION RIGHTS FOR PRIVATE MORTGAGE
INSURANCE.

(a) In General.--Chapter 2 of the Truth in Lending Act (15 U.S.C.
1631 et seq.) is amended by inserting after section 125 the following
new section:

''SEC. 126. NOTIFICATION OF CANCELLATION RIGHTS FOR PRIVATE MORTGAGE
INSURANCE.

''(a) Notice of Right or Lack of Right To Cancel.--If a consumer is
required to obtain and maintain private mortgage insurance as a
condition for entering into a residential mortgage transaction, the
creditor shall disclose, in writing at the time the transaction is
entered into, whether or not the private mortgage insurance may be
canceled by the consumer at any time while the mortgage is outstanding.
''(b) Information Required To Be Disclosed if Insurance Is
Cancelable.--If private mortgage insurance is required for a
residential mortgage transaction and may be canceled by the consumer at
any time while the mortgage is outstanding, the creditor shall disclose
in writing the following information at the time the transaction is
entered into:
''(1) Identifying information.--Such information as may be
necessary to permit the consumer to communicate with the
creditor, any subsequent servicer of the mortgage, or the
issuer of the private mortgage insurance concerning the
insurance.
''(2) Conditions on cancellation.--Any condition required
to be met before the private mortgage insurance may be canceled
by the consumer, including the following:
''(A) If a condition for canceling the private
mortgage insurance is based on a minimum ratio between
the principal on the loan remaining outstanding and
either the original or the current value of the
property securing the loan, such ratio.
''(B) Information relating to any requirement for
an appraisal of the property as a condition for the
cancellation of the insurance.
''(C) Information relating to the time required for
canceling the insurance.
''(3) Cancellation procedures.--The procedures required to
be followed by the consumer in canceling the private mortgage
insurance.
''(c) Information Required To Be Disclosed With Each Periodic
Statement.--If a consumer is required to obtain and maintain private
mortgage insurance as a condition for entering into a residential
mortgage transaction, the person servicing the mortgage shall include
in or with each written statement of account provided to the consumer
after December 31, 1995, while such insurance is in effect, but not
less than annually--
''(1) the information required to be disclosed under
subsection (b); or
''(2) a clear and conspicuous written statement
containing--
''(A) a statement that the consumer may be able to
cancel the private mortgage insurance (if such is the
case); and
''(B) an address and telephone number which the
consumer may use to contact the creditor or the person
servicing the mortgage to determine whether the
consumer has the right to cancel the private mortgage
insurance and, if so, the conditions and procedures for
canceling such insurance.
''(d) Notices Furnished Without Cost to the Consumer.--No fee or
other cost may be imposed on any consumer with respect to the provision
of any notice or information to the consumer pursuant to this section.
''(e) Definitions.--For purposes of this section, the following
definitions shall apply:
''(1) Mortgage insurance.--The term 'mortgage insurance'
means insurance, including any mortgage guaranty insurance,
against the nonpayment of, or default on, a mortgage or loan
involved in a residential mortgage transaction.
''(2) Private mortgage insurance.--The term 'private
mortgage insurance' means mortgage insurance other than
mortgage insurance made available under the National Housing
Act, title 38 of the United States Code, or title V of the
National Housing Act of 1949.''.
(b) Amendment Relating to Liability for Violations.--Section 130(a)
of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended by adding at
the end the following new sentence: ''In the case of any failure make
any disclosure required under section 126, paragraph (1) shall be
applied by substituting '3 times the amount of any actual damage' for
'any actual damage'.
(c) Scope of Applicability.--The amendments made by subsections (a)
and (b) shall apply with respect to residential mortgage transactions
entered into after the date of the enactment of this Act.
(d) Clerical Amendment.--The table of sections for chapter 2 of the
Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by striking
the item relating to section 126 and inserting the following new item:

''126. Notification of cancellation rights for private mortgage
insurance.''.
Output:
Private Mortgage Insurance Consumer Protection Act - Amends the Truth in Lending Act to prescribe guidelines under which a creditor must notify a consumer in writing of any cancellation rights with respect to private mortgage insurance if the consumer was required to obtain such insurance as a condition for entering into a residential mortgage transaction.
Prohibits the imposition of any fee or cost to the consumer for such notification.