Title 81, Banks and Financial Institutions

(1) 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 Nation…

(1) A license may not be transferred or assigned. (2) No licensee shall transact business under any name other than that designated in the license. (3) A licensed mortgage broker or mortgage lender shall notify the department through the Nationwide Multistate Licensing System and…

(1) 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…

(1) 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 …

(1) 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, ti…

(1) Each principal place of business and branch office in the state shall meet all of the following requirements:(a) 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 …

(1) No person required to be licensed under this chapter shall:(a) Directly or indirectly employ any scheme, device or artifice to defraud or mislead borrowers or lenders or to defraud any person.(b) Misrepresent to or conceal from an applicant for a mortgage loan or mortgagor, m…

(1) 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:(a) No fee may be collected to lock in for sixty (60) days or less;(b) One percent …

The commissioner shall promulgate those rules and regulations, not inconsistent with law, necessary for the enforcement of this chapter.

(a) For purposes of this chapter, the following terms shall have the following meanings:(a) “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 id…

(a) The department shall promulgate regulations governing the advertising of mortgage loans, including, but not limited to, the following requirements:(a) That all advertisements for loans regulated under this chapter may not be false, misleading or deceptive. No person whose act…

(1) The individual borrower files of a licensee shall contain at least the following:(a) A mortgage origination agreement provided to the borrower containing at least the following statements:(i) “As required by Mississippi Law, (licensed company name) has secured a bond issued b…

(1) 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…

(1) (a) 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 …

(1) 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) A violation of any provision of this chapter or any rule or regulation adopted under this chapter;(b) Failure of the licensee to pa…

(1) 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. (2) If the department reasonably…

(1) For the purpose of conducting investigations, examinations or other proceedings under this chapter, the commissioner or his designee may issue subpoenas to any individual, person or other entity for the production of all books, papers, records, files, documents or other thing…

Nothing in this chapter shall preclude a person whose license has been suspended or revoked from continuing to service mortgage loans pursuant to servicing contracts in existence at the time of the suspension or revocation for a reasonable transition period, as determined by the …

(1) In order to ensure the effective supervision and enforcement of this chapter, the commissioner may:(a) Deny, suspend, revoke, condition or decline to renew a license for a violation of this chapter, rules or regulations issued under this chapter or order or directive entered …

The commissioner may employ the necessary full-time employees above the number of permanent full-time employees authorized for the department for the fiscal year 2001, to carry out and enforce the provisions of this chapter. The commissioner also may expend the necessary funds an…

(1) A licensee under this chapter shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the …

Notwithstanding any provisions of this chapter to the contrary, mortgage companies engaging in business on or before June 1, 2000, shall be duly licensed by the department after submitting not later than January 1, 2001, the required documents and fees provided in Sections 81-18-…

(a) The following are exempt from the provisions of this chapter:(a) Registered mortgage loan originators, when acting for an entity described in Section 81-18-3(ii).(b) Any person who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate fam…

The provisions of this chapter shall apply to the activities of retail sellers of manufactured homes to the extent as determined by the United States Department of Housing and Urban Development through guidelines, rules, regulations or interpretive letters or the United States Co…

(1) In addition to the activities prohibited under other provisions of this chapter, it shall be unlawful in the course of any residential mortgage loan transaction:(a) For any person to fail to comply with the mortgage loan servicing transfer, escrow account administration, or b…

(1) A licensee may permit mortgage loan originators to perform origination activities at a remote location under the supervision and in compliance with the licensee’s written policies and procedures subject to the conditions provided in this subsection.The licensee shall establis…

(1) In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the commissioner is authorized …

(1) Except as otherwise provided in Public Law 110-289, Section 1512, the requirements under any federal law or applicable state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and any …

(1) No person shall transact business in this state, directly or indirectly, as a mortgage broker or mortgage lender unless he or she is licensed by the department or is a person exempted from the licensing requirements under Section 81-18-5. (2) A violation of this section does …

Municipalities and counties in this state may enact ordinances that are in compliance with, but not more restrictive than, the provisions of this chapter. Any order, ordinance or regulation existing on July 1, 2002, or enacted on or after July 1, 2002, that conflicts with this pr…

(1) Applicants for a license shall apply in a form as prescribed by the commissioner. Each such form shall contain content as set forth by rule, regulation, instruction or procedure of the commissioner and may be changed or updated as necessary by the commissioner in order to car…