This Act makes minor amendments to sections 4, 5 and 14 of the Mortgage Insurance Act in respect of: percentage of the appraised value of the property to be mortgaged; the percentage of insurance fees; and income of the Jamaica Mortgage Bank.
Amends: Mortgage Insurance Act. (2011)
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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.
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