Effective – 07 Jul 2010, 2 histories 443.701. Citation of law. — Sections 443.701 to 443.893 shall be known and may be cited as the “Missouri Secure and Fair Enforcement for Mortgage Licensing Act”. ——– (L. 2009 H.B. 382, A.L. 2010 H.B. 2201) Effective 7-07-10
Effective – 07 Jul 2010, 2 histories 443.703. Definitions. — 1. For the purposes of sections 443.701 to 443.893, the following terms mean: (1) “Advertisement”, the attempt by publication, dissemination, or circulation to induce, directly or indirectly, any person to apply for a loan to be secured by residential real estate; (2) “Affiliate”: (a) Any […]
Effective – 08 Jul 2009 443.706. Licensure required, when — effective date — exemptions. — *1. No individual, unless exempted under subsection 3 of this section, shall engage in the business of a mortgage loan originator concerning any dwelling located in Missouri without first obtaining and maintaining a license under sections 443.701 to 443.893 and […]
Effective – 08 Jul 2009 443.707. Loan processors and underwriters, license required. — A loan processor or underwriter who is an independent contractor shall not engage in the activities of a loan processor or underwriter for a Missouri residential real estate loan unless such independent contractor loan processor or underwriter obtains and maintains a license […]
Effective – 08 Jul 2009 443.709. Rulemaking authority — expedited review and licensing procedures permitted, when. — To implement an orderly and efficient licensing process for mortgage loan originators, the director may establish licensing rules and interim procedures for licensing and acceptance of applications. The director may establish expedited review and licensing procedures for individuals […]
Effective – 08 Jul 2009 443.711. Application for licensure, form — records and fees — modification of licensure requirements permitted, when — use of NMLSR as an agent, when. — 1. Applicants for a mortgage loan originator license shall apply in a form as prescribed by the director. Each such form shall contain content as […]
Effective – 08 Jul 2009 443.713. Findings required for licensure. — The director shall not issue a mortgage loan originator license unless the director makes, at a minimum, the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction; except that, a subsequent formal vacation of such […]
Effective – 28 Aug 2020, 2 histories 443.717. Prelicensing education requirements. — 1. Mortgage loan originators shall satisfy a prelicensing education requirement through approved education courses of at least twenty hours approved in accordance with subsection 2 of this section, which shall include at least: (1) Three hours of federal law and regulations; (2) Three […]
Effective – 16 Oct 2015, 2 histories *443.719. Written test required, test measures — minimum competency requirements. — 1. In order to meet the written test requirement under sections 443.701 to 443.893, an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the NMLSR based upon […]
Effective – 08 Jul 2009 443.721. Renewal of licensure, minimum standards. — 1. Minimum standards for license renewal for mortgage loan originators shall include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under sections 443.701 to 443.893; (2) The mortgage loan originator has satisfied the annual continuing […]
Effective – 28 Aug 2013, 2 histories 443.723. Continuing education requirements. — 1. To meet the annual continuing education requirements referred to in sections 443.701 to 443.893, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection 2 of this section, which shall include at least: (1) […]
Effective – 08 Jul 2009 443.725. Duties of director — rule requirements authorized. — In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the NMLSR. In order to carry out such requirement, the director is authorized to participate in […]
Effective – 08 Jul 2009 443.727. Challenge of information in NMLSR. — The director shall establish a process whereby mortgage loan originators may challenge information entered into the NMLSR by the director. ——– (L. 2009 H.B. 382) Effective 7-08-09
Effective – 08 Jul 2009 443.729. Supervision and enforcement — civil penalty. — 1. In order to ensure the effective supervision and enforcement of sections 443.701 to 443.893, the director may, under chapter 536: (1) Deny, suspend, revoke, condition, or decline to renew a license for a violation of sections 443.701 to 443.893, rules issued […]
Effective – 08 Jul 2009 443.731. Surety bond requirements. — 1. (1) Each mortgage loan originator shall be covered by the surety bond for the Missouri licensed mortgage broker supervising the mortgage loan originator and for whom the mortgage loan originator acts as an employee or exclusive agent. (2) The surety bond shall be in […]
Effective – 08 Jul 2009 443.733. Supervisory information sharing — confidentiality requirements. — In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in Public Law 110-289, Section 1512, the requirements under any federal law and sections 361.070 and 361.080, regarding the privacy or confidentiality […]
Effective – 08 Jul 2009 443.735. Investigations and examinations, authority of director. — In addition to any authority allowed under sections 443.701 to 443.893, the director shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general […]
Effective – 08 Jul 2009 443.737. Violations. — It is a violation of sections 443.701 to 443.893 for a person or individual subject to sections 443.701 to 443.893 to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) Engage in any […]
Effective – 08 Jul 2009 443.739. Reports of condition required. — Each residential mortgage loan broker subject to the requirements of sections 443.701 to 443.893 shall submit to the NMLSR reports of condition, which shall be in such form and shall contain such information as the NMLSR may require. ——– (L. 2009 H.B. 382) Effective […]
Effective – 08 Jul 2009 443.741. Violations, director required to report. — The director is required to report violations of sections 443.701 to 443.893, as well as enforcement actions and other relevant information, to the NMLSR subject to the provisions contained in section 443.731. ——– (L. 2009 H.B. 382) Effective 7-08-09
