Senate Bill 2983

AN ACT TO AMEND SECTION 81-18-1, MISSISSIPPI CODE OF 1972, TO CHANGE THE NAME OF THE MISSISSIPPI MORTGAGE CONSUMER PROTECTION LAW TO THE MISSISSIPPI S.A.F.E. MORTGAGE LICENSING ACT OF 2009; TO AMEND SECTION 81-18-3, MISSISSIPPI CODE OF 1972, TO PROVIDE DEFINITIONS FOR VARIOUS TERMS USED IN THE ACT; TO AMEND SECTION 81-18-5, MISSISSIPPI CODE OF 1972, AS AMENDED BY HOUSE BILL NO. 379, 2009 REGULAR SESSION, TO REVISE THE LIST OF PERSONS AND ENTITIES THAT ARE EXEMPT FROM THE ACT; TO AMEND SECTION 81-18-7, MISSISSIPPI CODE OF 1972, TO PROVIDE A TRANSITION PERIOD FOR COMPLIANCE WITH THE ACT; TO AMEND SECTION 81-18-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THE LICENSURE REQUIREMENTS FOR MORTGAGE LOAN ORIGINATORS; TO AMEND SECTION 81-18-11, MISSISSIPPI CODE OF 1972, TO REVISE THE REQUIREMENTS FOR SURETY BONDS FOR LOAN ORIGINATORS; TO AMEND SECTION 81-18-13, MISSISSIPPI CODE OF 1972, TO REVISE THE LICENSURE REQUIREMENTS FOR MORTGAGE BROKERS AND MORTGAGE LENDERS; TO CREATE NEW SECTION 81-18-14, MISSISSIPPI CODE OF 1972, TO PROVIDE THE REQUIREMENTS FOR PRELICENSING EDUCATION FOR LOAN ORIGINATORS AND THE REQUIREMENTS FOR THE TESTING OF LOAN ORIGINATORS; TO AMEND SECTION 81-18-15, MISSISSIPPI CODE OF 1972, TO PROVIDE THE LICENSE RENEWAL AND CONTINUING EDUCATION REQUIREMENTS FOR LOAN ORIGINATORS; TO AMEND SECTION 81-18-21, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT LICENSEES MUST MAKE BOOKS AND RECORDS AVAILABLE TO THE COMMISSIONER OF BANKING AND MAKE REPORTS AS REQUIRED BY THE COMMISSIONER; TO GIVE THE COMMISSIONER ADDITIONAL AUTHORITY TO CARRY OUT THE PURPOSES OF THIS SECTION; TO AMEND SECTION 81-18-23, MISSISSIPPI CODE OF 1972, TO REQUIRE LICENSEES TO SUBMIT REPORTS OF CONDITION TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY; TO AMEND SECTION 81-18-27, MISSISSIPPI CODE OF 1972, TO EXPAND THE LIST OF PROHIBITED ACTIONS BY LICENSEES; TO AMEND SECTIONS 81-18-17, 81-18-19, 81-18-25, 81-18-31 AND 81-18-37, MISSISSIPPI CODE OF 1972, TO REMOVE REFERENCES TO REGISTRATION, WHICH IS NO LONGER AVAILABLE UNDER THE ACT; TO AMEND SECTION 81-18-33, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THE ACT; TO AMEND SECTION 81-18-43, MISSISSIPPI CODE OF 1972, TO REVISE THE PENALTIES FOR VIOLATIONS OF THE ACT; TO AMEND SECTION 81-18-51, MISSISSIPPI CODE OF 1972, TO CHANGE THE REPEAL DATE OF THE ACT; TO AMEND SECTION 81-18-61, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE COMMISSIONER SHALL REQUIRE LOAN ORIGINATORS TO BE LICENSED AND REGISTERED THROUGH THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY; TO CREATE NEW SECTION 81-18-63, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR CONFIDENTIALITY OF ANY INFORMATION OR MATERIAL PROVIDED TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY; TO REPEAL SECTION 81-18-39, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES THE DEPARTMENT OF BANKING AND CONSUMER FINANCE TO ISSUE CEASE AND DESIST ORDERS AND COLLECT CIVIL PENALTIES; AND FOR RELATED PURPOSES.

In the Senate

• Gary Jackson

  Sponsor

• Senate floor amendmentAdopted

  Adopted Feb 11

• House of Representatives committee amendmentAdopted

  Adopted Mar 2

l9n doesn't hold this bill's text yet.

In the Senate Jan 19 – Feb 11

1. Jan 19Referred to the Senate committee on Business and Financial Institutions
2. Feb 3Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Feb 11Committee substitute adopted in the Senate
4. Amended in the Senate
5. Passed the Senate as amended

In the House of Representatives Feb 13 – Mar 2

1. Feb 13Sent to the House
2. Feb 17Referred to the House committee on Banking and Financial Services
3. Feb 24Reported from committee in the House: title sufficient, do pass as amended
4. Mar 2Amended in the House
5. Passed the House as amended

Back in the Senate Mar 3 – Apr 2

1. Mar 3Returned to the Senate to concur in the House's amendments
2. Mar 13Declined in the Senate to concur, and invited a conference
3. Mar 18Conferees named in the Senate: Jackson (15th), Ward and Stone
4. Mar 23Conferees named in the House: Walley, Chism and Moak
5. Mar 26Conference report filed in the Senate
6. Conference report filed in the House
7. Mar 27Conference report adopted in the House
8. Mar 30Conference report adopted in the Senate
9. Apr 2Enrolled bill signed in the Senate

To the Governor Apr 8 – Apr 15

1. Apr 8Enrolled bill signed in the House
2. Apr 15Approved by the Governor