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cancellation law

   Also found in: Wikipedia 0.01 sec.
cancellation law [kan·sə′lā·shən ‚lȯ]
(mathematics)
A rule which allows formal division by common factors in equal products, even in systems which have no division, as integral domains;ab=acimplies thatb=c.


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5640 contains provisions that clarify the private mortgage insurance (PMI) cancellation law regarding treatment of PMI termination and cancellation rights for adjustable-rate mortgages, balloon mortgages and modified loans.
A section of the site on canceling mortgage insurance once it is no longer needed explains how a new federal cancellation law works.
Figure 5 Snapshot: The New Federal Mortgage Insurance Cancellation Law The Homeowners Protection Act of 1998 succeeds in providing consumers with disclosure about their rights to have private mortgage insurance canceled, and it establishes equity thresholds for automatic termination of private mortgage insurance policies.
 
 
 
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