§ 81-18-1. Short title
This chapter shall be known and cited as the “Mississippi S.A.F.E. Mortgage Act.”
§ 81-18-11. Mortgage loan originator surety bond requirement; form; amount
Each mortgage loan originator shall be covered by a surety bond in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person who is subject to this chapter may be used in lieu of the mortgage loan […]
§ 81-18-13. Authorization to collect and maintain records and process fees related to licensees; timing of grant or denial of request for license
In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other […]
§ 81-18-14. Prelicensing education requirements; written test requirement
In order to meet the prelicensing education requirement referred to in Section 81-18-9(4) (d), a person shall complete at least twenty (20) hours of education approved in accordance with subsection (2) of this section, which shall include at least: Three (3) hours of federal law and regulations; Three (3) hours of ethics, which shall include […]
§ 81-18-15. Mortgage broker, mortgage lender and mortgage loan originator license renewal procedures; license fees; annual continuing education requirements for mortgage loan originators
Each mortgage broker and mortgage lender license shall remain in full force and effect until relinquished, suspended, revoked or expired. With each initial application for a license to operate as a mortgage broker or mortgage lender, the applicant shall pay through the Nationwide Mortgage Licensing System and Registry to the commissioner a license fee of […]
§ 81-18-17. License nontransferable and nonassignable; notification to department of change in address, location, officers, etc.; department approval required for opening of branch office; notification to department of release of loan originator from employment; notification to department of change of qualifying individual of licensee
A license may not be transferred or assigned. No licensee shall transact business under any name other than that designated in the license. A licensed mortgage broker or mortgage lender shall notify the department through the Nationwide Mortgage Licensing System and Registry of any change in the address of its principal place of business or […]
§ 81-18-19. Acquisition of interest in licensee
Except as provided in this section, no person shall acquire directly or indirectly ten percent (10%) or more of the voting shares of a corporation or ten percent (10%) or more of the ownership of any other entity licensed to conduct business under this chapter unless it first files an application in accordance with the […]
§ 81-18-21. Maintenance and investigation of business records; biennial investigation; examination fee; department authorized to examine persons suspected of conducting business requiring a license; licensee to make records and books available to commissioner and compile reports; commissioner may control access to records of licensee under investigation
Any person required to be licensed under this chapter shall maintain in its offices, or such other location as the department shall permit, the books, accounts and records necessary for the department to determine whether or not the person is complying with the provisions of this chapter and the rules and regulations adopted by the […]
§ 81-18-23. Annual written report by licensee
Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. Failure to file accurate, timely and complete reports on the Nationwide Mortgage Licensing System and Registry may result […]
§ 81-18-25. Requirements for principal place of business and branch offices
Each principal place of business and branch office in the state shall meet all of the following requirements: Be in compliance with local zoning ordinances and have posted any licenses required by local government agencies. It is the responsibility of the licensee to meet local zoning ordinances and obtain the required occupational licenses; however, zoning […]
§ 81-18-27. Prohibited acts; licensed mortgage broker or mortgage lender to broker residential mortgage loan only to licensed mortgage brokers or mortgage lenders or exempt persons
No person required to be licensed under this chapter shall: Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud any person. Misrepresent to or conceal from an applicant for a mortgage loan or mortgagor, material facts, terms or conditions of a transaction to which the […]
§ 81-18-28. Maximum lock-in fee; contents of lock-in fee agreement
A licensed mortgage broker or mortgage lender may enter into lock-in agreements and collect a lock-in fee from a borrower on the lender’s behalf. The lock-in fee shall not exceed the following: No fee may be collected to lock in for sixty (60) days or less; One percent (1%) of the principal amount of the […]
§ 81-18-29. Promulgation of rules and regulations
The commissioner shall promulgate those rules and regulations, not inconsistent with law, necessary for the enforcement of this chapter.
§ 81-18-3. Definitions
For purposes of this chapter, the following terms shall have the following meanings: “Application” means the submission of a borrower’s financial information in anticipation of a credit decision, whether written or computer-generated. If the submission does not state or identify a specific property, the submission is an application for a prequalification and not an application […]
§ 81-18-31. Regulations governing advertising of mortgage loans
The department shall promulgate regulations governing the advertising of mortgage loans, including, but not limited to, the following requirements: That all advertisements for loans regulated under this chapter may not be false, misleading or deceptive. No person whose activities are regulated under this chapter may advertise in any manner so as to indicate or imply […]
§ 81-18-33. Required contents of individual borrower files and individual servicer files
The individual borrower files of a licensee shall contain at least the following: A mortgage origination agreement provided to the borrower containing at least the following statements: “As required by Mississippi Law, (licensed company name) has secured a bond issued by (name of insurance company), a surety company authorized to do business in this state. […]
§ 81-18-35. Journal of mortgage transactions for Mississippi residential loans that licensee originates and/or funds; journal of serviced loans for Mississippi residential loans that licensee owns and/or services
Each licensee shall maintain a journal of mortgage transactions at the principal place of business as stated on its license for all Mississippi residential loans that the licensee originated and/or funded. This journal shall be separate from non-Mississippi loans. The journal shall include at least the following information: Name of applicant and co-applicant, if applicable; […]
§ 81-18-36. Funds paid to licensee for payment of taxes or insurance premiums must be deposited in separate account from funds belonging to licensee; account to be designated “escrow account”; accounting for funds
All monies paid to a licensee for payment of taxes, loan commitment deposits, work completion deposits, appraisals, credit reports or insurance premiums on property that secures any loan made or serviced by the licensee shall be deposited in an account that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration […]
§ 81-18-37. Suspension or revocation of license; notice to licensee
The department may suspend or revoke any license for any reason that would have been grounds for refusal to issue an original license or for: A violation of any provision of this chapter or any rule or regulation adopted under this chapter; Failure of the licensee to pay, within thirty (30) days after it becomes […]
§ 81-18-39. Definition of “person”; violations of law; cease and desist orders; failure to comply with order; civil penalty
For purposes of this section, the term “person” shall be construed to include any officer, director, employee, affiliate or other person participating in the conduct of the affairs of the person subject to the orders issued under this section. If the department reasonably determines that a person required to be licensed under this chapter has […]