Bill Text | History of Actions | Background | Title |
Description: Mortgage Consumer Protection Law; reenact and extend repealer on, and revise certain provisions.
Bill Text: [Introduced]
| 1 | 01/21 (S) Referred To Business and Financial Institutions | |
| 2 | 02/05 (S) Died In Committee |
| Effective date | July 1, 2002 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Mettetal
Code Sections: R 081-0018-0001, RA 081-0018-0003, RA 081-0018-0005, R 081-0018-0007, RA 081-0018-0009, RA 081-0018-0011, RA 081-0018-0013, R 081-0018-0015, RA 081-0018-0017, RA 081-0018-0019, RA 081-0018-0021, R 081-0018-0023, RA 081-0018-0025, RA 081-0018-0027, R 081-0018-0029, RA 081-0018-0031, R 081-0018-0033, R 081-0018-0035, R 081-0018-0037, RA 081-0018-0039, R 081-0018-0041, RA 081-0018-0043, R 081-0018-0045, R 081-0018-0047, R 081-0018-0049, A 081-0018-0051
Title: AN ACT TO REENACT SECTIONS 81-18-1 THROUGH 81-18-49, MISSISSIPPI CODE OF 1972, WHICH ARE THE MISSISSIPPI MORTGAGE CONSUMER PROTECTION LAW; TO AMEND REENACTED SECTION 81-18-3, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITIONS OF "LOAN ORIGINATOR," "MORTGAGE COMPANY" AND "PRINCIPAL"; TO AMEND REENACTED SECTION 81-18-5, MISSISSIPPI CODE OF 1972, TO REQUIRE WHOLLY OWNED SUBSIDIARIES OF HOLDING COMPANIES THAT ARE EXEMPT FROM THIS LAW TO FILE A NOTIFICATION STATEMENT CONTAINING CERTAIN INFORMATION AND PAY A FEE; TO PROVIDE THAT FINANCIAL INSTITUTIONS THAT ARE EXEMPT FROM THIS LAW ARE THOSE WITH FEDERALLY INSURED DEPOSITS; TO DELETE THE EXEMPTION FROM THIS LAW FOR APPROVED MORTGAGEES, SELLERS, SERVICERS OR ISSUERS OF CERTAIN FEDERAL AGENCIES AND INSTRUMENTALITIES; TO DELETE THE EXEMPTION FROM THIS LAW FOR CERTAIN PERSONS WHO FUND MORTGAGE LOANS THAT HAVE BEEN ORIGINATED AND PROCESSED BY A LICENSED OR EXEMPT PERSON OR COMPANY; TO PROVIDE THAT NONPROFIT CORPORATIONS MUST BE EXEMPT FROM FEDERAL TAXATION IN ORDER TO BE EXEMPT FROM THIS LAW; TO DELETE THE EXEMPTION FROM THIS LAW FOR EMPLOYEES AND EXCLUSIVE AGENTS OF LICENSEES OR EXEMPTED PERSONS; TO PROVIDE THAT EXEMPT LOAN ORIGINATORS FOR MORTGAGE COMPANIES WILL BE SUBJECT TO CERTAIN PROVISIONS OF THIS LAW; TO CODIFY NEW SECTION 81-18-8, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT MUNICIPALITIES AND COUNTIES MAY ENACT ORDINANCES THAT ARE IN COMPLIANCE WITH, BUT NOT MORE RESTRICTIVE THAN, THE PROVISIONS OF THIS LAW; TO AMEND REENACTED SECTION 81-18-9, MISSISSIPPI CODE OF 1972, TO REQUIRE FINGERPRINTING OF ALL SHAREHOLDERS OWNING A CERTAIN PERCENTAGE OF THE CORPORATION; TO DELETE THE EXEMPTION FROM THE FINGERPRINTING REQUIREMENT FOR CERTAIN CORPORATIONS; TO AMEND REENACTED SECTION 81-18-11, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF "MORTGAGE LENDER"; TO AMEND REENACTED SECTION 81-18-13, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A LICENSE WILL NOT BE ISSUED TO ANY PERSON WHO HAS BEEN CONVICTED OF ANY FELONY, ANY MISDEMEANOR INVOLVING FRAUD, OR CERTAIN SPECIFIED CRIMES; TO AMEND REENACTED SECTION 81-18-17, MISSISSIPPI CODE OF 1972, TO PROHIBIT A LICENSEE FROM OPENING CERTAIN BRANCH OFFICES WITHOUT PRIOR APPROVAL OF THE DEPARTMENT OF BANKING; TO AMEND REENACTED SECTION 81-18-19, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NO PERSON MAY ACQUIRE TWENTY-FIVE PERCENT OR MORE OF A LICENSEE UNLESS THE PERSON FIRST FILES AN APPLICATION; TO AMEND REENACTED SECTION 81-18-21, MISSISSIPPI CODE OF 1972, TO REQUIRE LICENSEES TO KEEP THEIR ACCOUNTS AND RECORDS IN SECURE LOCATIONS; TO AMEND REENACTED SECTION 81-18-25, MISSISSIPPI CODE OF 1972, TO DELETE THE REQUIREMENT THAT A LICENSEE MUST MAINTAIN AND TRANSACT BUSINESS FROM A PRINCIPAL PLACE OF BUSINESS IN THE STATE; TO PROVIDE THAT THE BUSINESS SIGNS OF LICENSEES MUST CONTAIN THE WORDS "MISSISSIPPI SUPERVISED MORTGAGE COMPANY"; TO AMEND REENACTED SECTION 81-18-27, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY MORTGAGE COMPANY THAT CONTRACTS TO RECEIVE FROM A BORROWER A MORTGAGE BROKERAGE FEE UPON OBTAINING A COMMITMENT MUST DISCLOSE CERTAIN INFORMATION IN THE MORTGAGE BROKERAGE AGREEMENT; TO PROHIBIT LICENSEES FROM PAYING TO ANY PERSON NOT LICENSED OR EXEMPT FROM THIS LAW ANY COMMISSION, BONUS OR FEE IN CONNECTION WITH ARRANGING OR ORIGINATING A MORTGAGE LOAN FOR A BORROWER; TO PROHIBIT LICENSEES FROM REFUSING TO PROVIDE THE LOAN PAYOFF WITHIN THREE BUSINESS DAYS OF A REQUEST FROM A BORROWER OR THIRD PARTY; TO PROVIDE THAT A MORTGAGE COMPANY SHALL ONLY BROKER A RESIDENTIAL MORTGAGE LOAN TO A LICENSED MORTGAGE COMPANY OR TO A PERSON EXEMPT FROM THIS LAW; TO AMEND REENACTED SECTION 81-18-31, MISSISSIPPI CODE OF 1972, TO PROHIBIT LICENSEES FROM ADVERTISING THEIR SERVICES WITHOUT THE WORDS "MISSISSIPPI SUPERVISED MORTGAGE COMPANY"; TO AMEND REENACTED SECTION 81-18-39, MISSISSIPPI CODE OF 1972, TO DELETE THE PROVISION FOR THE DEPARTMENT OF BANKING TO OBTAIN A COURT ORDER TO REQUIRE COMPLIANCE WITH THE DEPARTMENT'S ORDERS; TO PROVIDE THAT A LICENSEE WHO VIOLATES AN ORDER OF A DEPARTMENT IS SUBJECT TO A CIVIL PENALTY UPON DETERMINATION OF A VIOLATION BY THE COMMISSIONER OF BANKING, INSTEAD OF BY THE COURT; TO PROVIDE THAT IF A LICENSEE SEEKS JUDICIAL REVIEW OF THE ASSESSMENT OF A CIVIL PENALTY, THE COURT SHALL UPHOLD THE DEPARTMENT'S ORDER IF THE COURT DETERMINES THAT THE ORDER WAS PROPERLY ISSUED; TO AMEND REENACTED SECTION 81-18-43, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM AMOUNT OF A CIVIL PENALTY THAT THE COMMISSIONER MAY IMPOSE AGAINST A LICENSEE FOR VIOLATING THIS LAW; TO CODIFY NEW SECTION 81-18-36, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ALL MONIES PAID TO A MORTGAGE COMPANY FOR PAYMENT OF TAXES OR INSURANCE PREMIUMS ON PROPERTY SECURING ANY LOAN MADE OR SERVICED BY THE MORTGAGE COMPANY SHALL BE DEPOSITED IN A FEDERALLY-INSURED ACCOUNT AND KEPT SEPARATE FROM FUNDS BELONGING TO THE MORTGAGE COMPANY; TO AMEND SECTION 81-18-51, MISSISSIPPI CODE OF 1972, TO EXTEND THE DATE OF REPEAL ON THE MISSISSIPPI MORTGAGE CONSUMER PROTECTION LAW; AND FOR RELATED PURPOSES.
End Of Document
2002/html/History/SB/SB2674.htm