Mississippi Legislature

1999 Regular Session

House Bill 1264

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Mortgage companies; provide for licensure of by Department of Banking.

History of Actions:

101/18/99(H)Referred To Banks and Banking
202/02/99(H)Died In Committee

Background Information:

Effective date*July 1, 1999
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredYes

House Committee:

Principal Author: Guice

Code Section: A 081-0019-0007

Title: AN ACT RELATING TO MORTGAGE COMPANIES; TO PROVIDE FOR THE LICENSING OF MORTGAGE COMPANIES BY THE DEPARTMENT OF BANKING AND CONSUMER FINANCE; TO PROVIDE FOR EXEMPTIONS FROM LICENSURE; TO PROHIBIT THE PURCHASE OF A MORTGAGE LOAN FROM AN UNLICENSED MORTGAGE COMPANY; TO ESTABLISH PROCEDURES AND CRITERIA FOR APPLICANTS TO BECOME LICENSED; TO ESTABLISH LICENSE RENEWAL PROCEDURES AND CRITERIA; TO REQUIRE NOTIFICATION OF CERTAIN ACTIONS AND ACTIVITIES BY THE LICENSEE; TO PROVIDE FOR THE MAINTENANCE AND INVESTIGATION OF BUSINESS RECORDS; TO REQUIRE A BIENNIAL INVESTIGATION OF BUSINESS RECORDS; TO PROHIBIT CERTAIN CONDUCT BY LICENSEES; TO PROVIDE FOR THE DENIAL, SUSPENSION AND REVOCATION OF LICENSES; TO PROVIDE FOR THE PROMULGATION OF RULES AND REGULATIONS BY THE DEPARTMENT; TO PROVIDE FOR ENFORCEMENT OF THIS ACT; TO PRESCRIBE PENALTIES FOR VIOLATIONS OF THIS ACT; TO AMEND SECTION 81-19-7, MISSISSIPPI CODE OF 1972, TO EXEMPT LICENSEES UNDER THIS ACT FROM THE CONSUMER LOAN BROKER ACT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/02/99 at 17:07.



End Of Document

1999\pdf\History/HB\HB1264.htm