Bill Text | History of Actions | Background | Title |
Description: Mississippi Mortgage Consumer Protection Law; extend repealer and make various amendments.
Bill Text: [Introduced]
| 1 | 01/09 (H) Referred To Banking and Financial Services | |
| 2 | 01/30 (H) Title Suff Do Pass | |
| 3 | 02/08 (H) Died On Calendar |
| Effective date | July 1, 2007 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Guice
Code Sections: R 081-0018-0001, RA 081-0018-0003, RA 081-0018-0005, RA 081-0018-0007, R 081-0018-0008, RA 081-0018-0009, RA 081-0018-0011, RA 081-0018-0013, RA 081-0018-0015, RA 081-0018-0017, R 081-0018-0019, RA 081-0018-0021, RA 081-0018-0023, RA 081-0018-0025, RA 081-0018-0027, RA 081-0018-0028, RA 081-0018-0029, RA 081-0018-0031, RA 081-0018-0033, RA 081-0018-0035, RA 081-0018-0036, RA 081-0018-0037, R 081-0018-0039, RA 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, KNOWN AS THE MISSISSIPPI MORTGAGE CONSUMER PROTECTION LAW; TO AMEND REENACTED SECTION 81-18-3, MISSISSIPPI CODE OF 1972, TO DEFINE CERTAIN TERMS; TO AMEND REENACTED SECTION 81-18-5, MISSISSIPPI CODE OF 1972, TO DELETE THE EXEMPTION FOR ANY PERSON WHO IS A WHOLESALE LENDER OR WHO IS REGISTERED BY CERTAIN FEDERAL AGENCIES; TO AMEND REENACTED SECTION 81-18-7, MISSISSIPPI CODE OF 1972, TO DELETE THE REFERENCES TO "NATURAL PERSON" AND TO "REGISTRATION"; TO AMEND REENACTED SECTION 81-18-9, MISSISSIPPI CODE OF 1972, TO REVISE THE APPLICATION REQUIREMENTS FOR LICENSE; TO AMEND REENACTED SECTION 81-18-11, MISSISSIPPI CODE OF 1972, TO DELETE THE CLASSIFICATION OF "CORRESPONDENT LENDER" IN REGARD TO THE MINIMUM AMOUNT OF SURETY BOND; TO AMEND REENACTED SECTION 81-18-13, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A DESIGNATED THIRD PARTY TO CONDUCT BACKGROUND INVESTIGATIONS OF APPLICANTS AND TO REVISE THE LICENSING CRITERIA WITH REGARD TO PRIOR CRIMINAL CONVICTIONS; TO AMEND REENACTED SECTION 81-18-15, MISSISSIPPI CODE OF 1972, TO CHANGE THE ANNUAL RENEWAL DATE AND TO REVISE THE CONTINUING EDUCATION REQUIREMENT; TO AMEND REENACTED SECTION 81-18-17, MISSISSIPPI CODE OF 1972, TO REQUIRE THE ORIGINAL LICENSE TO BE POSTED IN EACH PLACE OF BUSINESS AND TO REQUIRE THE FILING OF A LOAN ORIGINATOR APPLICATION; TO AMEND REENACTED SECTION 81-18-21, MISSISSIPPI CODE OF 1972, TO REQUIRE APPROVAL BEFORE A LICENSEE MAY STORE FILES AT AN OFF-SITE SECURE LOCATION; TO AMEND REENACTED SECTION 81-18-23, MISSISSIPPI CODE OF 1972, IN CONFORMITY; TO AMEND REENACTED SECTION 81-18-25, MISSISSIPPI CODE OF 1972, TO REVISE REQUIREMENTS FOR OFFICES WHERE THERE IS NO ZONING IN THE REQUESTED LOCATION; TO AMEND REENACTED SECTION 81-18-27, MISSISSIPPI CODE OF 1972, TO REVISE THE PROHIBITED ACTS OF MORTGAGE COMPANIES; TO AMEND REENACTED SECTION 81-18-28, MISSISSIPPI CODE OF 1972, IN CONFORMITY; TO AMEND REENACTED SECTION 81-18-29, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO ESTABLISH BY RULE SUCH REQUIREMENTS AS ARE NECESSARY FOR THE STATE TO PARTICIPATE IN A MULTISTATE AUTOMATED LICENSING SYSTEM; TO AMEND REENACTED SECTION 81-18-31, MISSISSIPPI CODE OF 1972, TO REQUIRE INDIVIDUAL BORROWER FILES TO CONTAIN A FINAL SIGNED UNIFORM RESIDENTIAL LOAN APPLICATION; TO AMEND REENACTED SECTION 81-18-33, MISSISSIPPI CODE OF 1972, TO REVISE THE REQUIRED CONTENTS OF INDIVIDUAL BORROWER FILES OF A LICENSEE; TO AMEND REENACTED SECTION 81-18-35, MISSISSIPPI CODE OF 1972, TO REQUIRE THE NAME OF CO-APPLICANT IN THE JOURNAL OF MORTGAGE TRANSACTIONS; TO AMEND REENACTED SECTIONS 81-18-36 AND 81-18-37, MISSISSIPPI CODE OF 1972, IN CONFORMITY; TO AMEND SECTION 81-18-41, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A SUSPENDED LICENSEE MAY CONTINUE SERVICING CONTRACTS ONLY FOR A REASONABLE TRANSITION PERIOD AS DETERMINED BY THE COMMISSIONER; TO AMEND SECTION 81-18-43, MISSISSIPPI CODE OF 1972, IN CONFORMITY; TO AMEND SECTION 81-18-51, MISSISSIPPI CODE OF 1972, TO EXTEND THE REPEALER; TO CREATE A NEW SECTION TO CREATE THE CRIMINAL OFFENSE OF RESIDENTIAL MORTGAGE FRAUD AND PRESCRIBE THE PENALTIES THEREFOR; AND FOR RELATED PURPOSES.
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