In extending or issuing mortgage guaranty insurance, a mortgage guaranty insurer may not discriminate on the basis of the applicant's sex, marital status, race, color, creed, national origin, disability, or age or solely on the basis of the geographic location of the property to be insured unless:
(1) the discrimination related to geographic location is for a business purpose that is not a mere pretext for unfair discrimination; or
(2) the refusal, cancellation, or limitation of the insurance is required by law or regulatory mandate.