Mississippi Legislature

2000 Regular Session

House Bill 1446

Instructions Bill Status Menu




Bill Text

History of Actions

Background

Title

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

Bill Text: [Introduced]

History of Actions:

102/21/00(H)Referred To Banks and Banking
203/07/00(H)Died In Committee

Background Information:

Effective dateJuly 1, 2000
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredYes

House Committee:

Principal Author: Guice

Code Sections: A 081-0019-0007, A 081-0020-0001

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; TO AMEND SECTION 81-20-1, MISSISSIPPI CODE OF 1972, TO EXTEND THE REPEALER ON THE PROVISION AUTHORIZING THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO INVESTIGATE COMPLAINTS AGAINST MORTGAGE COMPANIES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/07/00 at 17:31.



End Of Document

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