This Act grants power to the Jamaica Mortgage Bank to effect contracts of insurance for loans insurable under this Act. Loans include loans for the purchase of agricultural land and loans secured by a first mortgage on agricultural land or not exceeding twenty-five years in term. The Act also provides for criteria and procedures for the execution of the insurance. The Bank shall establish a Mortgage Insurance Fund for purposes of this Act.
Implemented by: Mortgage Insurance Regulations. (1986)
Amended by: Mortgage Insurance (Amendment) Act (No. 19 of 2014). (2014-12-23)
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The island - discovered by Christopher COLUMBUS in 1494 - was settled by the Spanish early in the 16th century. The native Taino, who had inhabited Jamaica for centuries, were gradually exterminated and replaced by African slaves. England seized the island in 1655 and established a plantation economy based on sugar, cocoa, and coffee. The abolition of slavery in 1834 freed a quarter million slaves, many of whom became small farmers. Jamaica gradually increased its independence from Britain. In 1958 it joined other British Caribbean colonies in forming the Federation of the West Indies.