Mississippi amends Mortgage Consumer Protection LawMortgagePress.comlicensed company, residential mortgage loan, manufactured housing
On April 7, Mississippi Gov. Haley Barbour approved SB 2605,
amending the Mississippi Mortgage Consumer Protection Law (MMCPL),
Miss. Code Ann. §§ 81-18-1 et seq. Among other things,
the bill: (i) clarifies the licensed location at which a licensed
mortgage loan originator may work to explicitly include any
licensed location in Mississippi of the licensed company for which
he/she works; (ii) creates a de minimis exemption from the MMCPL
for persons who enter into 12 or fewer residential mortgage loan
transactions per calendar year on manufactured housing,
owner-financings, or consumer loans secured by a mortgage
(cumulatively); (iii) requires persons that acquire 10 percent or
more of the voting shares of a licensed corporation or 10 percent
or more of the ownership of any other licensed entity to first file
an application with the Mississippi Department of Banking and
Consumer Finance; and (iv) requires any entity or individual
licensed under the MMCPL to use the multi-state licensing system
for application, renewal, surrender and any other activity required
by the Commissioner of the Department of Banking and Consumer
Finance. SB 2605 became effective on April 7, 2008. For a copy of
the bill, please visit
billstatus.ls.state.ms.us/documents/2008/pdf/SB/2600-2699/SB2605SG.pdf.
For more information, visit billstatus.ls.state.ms.us.
