Bills.com launches Know Your Limits program

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.