Bill Text | History of Actions | Amendments | Background | Title |
Description: MS Mortgage Consumer Protection Law; extend repealer and make various amendments.
Bill Text: [Introduced] [Committee Substitute] [Passed Senate] [Sent to Governor]
| 1 | 01/05 (S) Referred To Business and Financial Institutions;Judiciary, Division B | |
| 2 | 01/22 (S) DR - TSDPCS: BF To JB | |
| 3 | 01/30 (S) Title Suff Do Pass Comm Sub | |
| 4 | 02/07 (S) Committee Substitute Adopted | |
| 5 | 02/07 (S) Passed {Vote} | |
| 6 | 02/09 (S) Transmitted To House | |
| 7 | 02/14 (H) Referred To Banking and Financial Services;Judiciary A | |
| 8 | 02/20 (H) DR - TSDP: BB To JA | |
| 9 | 02/27 (H) DR - TSDPAA: JA To BB | |
| 10 | 02/27 (H) Title Suff Do Pass As Amended | |
| 11 | 03/06 (H) Amended | |
| 12 | 03/06 (H) Passed As Amended {Vote} | |
| 13 | 03/06 (H) Motion to Reconsider Entered | |
| 14 | 03/08 (H) Motion to Reconsider Tabled | |
| 15 | 03/08 (H) Returned For Concurrence | |
| 16 | 03/14 (S) Decline to Concur/Invite Conf | |
| 17 | 03/20 (S) Conferees Named Mettetal,Tollison,Wilemon | |
| 18 | 03/22 (H) Conferees Named Guice,Blackmon,Holloway | |
| 19 | 03/22 (H) Conferees Named Guice,Moss,Holloway | |
| 20 | 03/23 (S) Conference Report Filed | |
| 21 | 03/23 (H) Conference Report Filed | |
| 22 | 03/26 (H) Conference Report Adopted {Vote} | |
| 23 | 03/27 (S) Conference Report Adopted {Vote} | |
| 24 | 04/03 (S) Enrolled Bill Signed | |
| 25 | 04/05 (H) Enrolled Bill Signed | |
| 26 | 04/21 Approved by Governor |
| Adopted | [H] | Committee Amendment No 1 Voice Vote |
| [H] | Amendment Report for Senate Bill No. 2350 |
| Conference Report |
| Effective date | July 1, 2007 | |
| Disposition | Law | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths | |
| Chapter number | 581 |
Senate Committees:
House Committees:
Principal Author: Mettetal
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 UNDER THE PROVISIONS OF THIS ACT; 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 REENACTED 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 REENACTED 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 CODE SECTION TO AUTHORIZE THE DEPARTMENT OF BANKING AND CONSUMER FINANCE TO PARTICIPATE IN A MULTISTATE LICENSING SYSTEM FOR MORTGAGE BROKERS, LENDERS AND LOAN ORIGINATORS; 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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