Section 443.1005 – Use of account moneys — withdrawals, subject to recapture, when, penalties — death of account holder, effect of.
Effective – 28 Aug 2018 443.1005. Use of account moneys — withdrawals, subject to recapture, when, penalties — death of account holder, effect of. — 1. (1) For purposes of the tax benefit conferred under the first-time home buyer savings account act, the moneys in a first-time home buyer savings account may be: (a) Used […]
Section 443.1006 – Annual reporting, forms — rulemaking authority.
Effective – 28 Aug 2018 443.1006. Annual reporting, forms — rulemaking authority. — 1. The department shall establish forms for an account holder to annually report information about a first-time home buyer savings account including, but not limited to, how the moneys withdrawn from the fund are used and shall identify any supporting documentation that […]
Section 443.1007 – Financial institutions, actions not responsible or liable for.
Effective – 28 Aug 2018 443.1007. Financial institutions, actions not responsible or liable for. — 1. No financial institution shall be required to: (1) Designate an account as a first-time home buyer savings account or designate the beneficiaries of an account in the financial institution’s account contracts or systems or in any other way; (2) […]
Section 443.893 – Receiver or conservator to be appointed by court, when — attorney general’s duty.
Effective – 08 Jul 2009 443.893. Receiver or conservator to be appointed by court, when — attorney general’s duty. — When the director makes a finding that a receivership or conservatorship is necessary to protect consumers of a licensee from the consequences of the licensee’s failure to comply with the provisions of sections 443.701 to […]
Section 443.901 – Reverse mortgage act — definitions.
Effective – 28 Aug 1995 443.901. Reverse mortgage act — definitions. — 1. Sections 443.901 to 443.912 shall be known and be cited as the “Missouri Reverse Mortgage Act”. 2. For the purposes of sections 443.901 to 443.912 the following terms mean: (1) “Authorized lender” or “lender”, a lender authorized to engage in business as […]
Section 443.903 – Reverse mortgage regulations.
Effective – 04 Jun 1997 443.903. Reverse mortgage regulations. — Notwithstanding any other provisions of law to the contrary, reverse mortgage loans shall be governed by the following: (1) Payment in whole or in part is permitted without penalty at any time during the period of the loan; (2) An advance made under a reverse […]
Section 443.906 – Reverse mortgage may be made regardless of certain other transactions.
Effective – 28 Aug 1995 443.906. Reverse mortgage may be made regardless of certain other transactions. — Reverse mortgage loans may be made or acquired without regard to the following provisions for other types of mortgage transactions: (1) Limitations on the purpose and use of future advances or any other mortgage proceeds; (2) Limitations on […]
Section 443.909 – Treatment of payments for certain purposes.
Effective – 28 Aug 1995 443.909. Treatment of payments for certain purposes. — Reverse mortgage loan payments made to a borrower shall be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals: (1) Undisbursed funds shall be treated as […]
Section 443.912 – Statement regarding counseling services on reverse mortgages.
Effective – 28 Aug 1995 443.912. Statement regarding counseling services on reverse mortgages. — No reverse mortgage loan commitment may be made by a lender unless the loan applicant attests in writing that the applicant received from the lender at the time of initial inquiry a statement regarding the advisability and availability of independent information […]
Section 443.930 – Prohibited acts — constitutes mortgage fraud — no private right of action created.
Effective – 28 Aug 2008 443.930. Prohibited acts — constitutes mortgage fraud — no private right of action created. — 1. It is unlawful for a person, in connection with the application for or procurement of a loan secured by real estate to: (1) Employ a device, scheme, or artifice to defraud; (2) Make an […]