History of Actions | Background | Title |
Description: Mortgage companies; provide for licensure of by Department of Banking.
| 1 | 01/18/99 | (S) | Referred To Business and Financial Institutions | |
| 2 | 02/02/99 | (S) | Died In Committee |
| Effective date | *July 1, 1999 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | Yes |
Senate Committee:
Principal Author: Hewes
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.
End Of Document
1999\html\History/SB\SB2978.htm