Senate Bill 2508

AN ACT TO AUTHORIZE MORTGAGE LOAN ORIGINATORS TO PERFORM ORIGINATION ACTIVITIES AT A REMOTE LOCATION UNDER THE SUPERVISION AND IN COMPLIANCE WITH THE LICENSEE'S POLICIES AND PROCEDURES SUBJECT TO CERTAIN CONDITIONS; TO AMEND SECTION 81-18-3, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERMS "EMPLOYEE," "EXCLUSIVE AGENT," "INDEPENDENT CONTRACTOR" AND "REMOTE LOCATION"; TO AMEND SECTION 81-18-9, MISSISSIPPI CODE OF 1972, TO INCREASE THE FEE FOR A MORTGAGE LOAN ORIGINATOR LICENSE; TO AMEND SECTION 81-18-11, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM SUM OF SURETY BOND FOR MORTGAGE BROKERS, MORTGAGE LENDERS AND INITIAL APPLICANTS; TO AMEND SECTION 81-18-25, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NOTHING IN THIS CHAPTER SHALL BE INTERPRETED TO PROHIBIT MORTGAGE LOAN ORIGINATORS OF A LICENSEE PERFORMING ORIGINATION ACTIVITIES AT A REMOTE LOCATION, HIS OR HER RESIDENCE, OR ANOTHER REMOTE LOCATION, PROVIDED THAT THE LICENSEE COMPLIES WITH THE PROVISIONS OF THIS ACT; TO AMEND SECTION 81-18-15, MISSISSIPPI CODE OF 1972, TO INCREASE THE LICENSE FEE FOR INITIAL APPLICATIONS FOR A LICENSE TO OPERATE AS A MORTGAGE BROKER OR LENDER; TO INCREASE THE ANNUAL RENEWAL FEE; TO AMEND SECTION 81-18-17, MISSISSIPPI CODE OF 1972, TO INCREASE THE APPLICATION FEE FOR A LICENSEE'S BRANCH OFFICE; TO INCREASE THE ANNUAL RENEWAL FEE FOR A LICENSEE'S BRANCH OFFICE; TO AMEND SECTION 81-18-21, MISSISSIPPI CODE OF 1972, TO INCREASE THE EXAMINATION FEE FOR LICENSEES IN THE STATE OF MISSISSIPPI; TO BRING FORWARD SECTIONS 81-18-5, 81-18-7, 81-18-8, 81-18-13, 81-18-14, 81-18-19, 81-18-23, 81-18-27, 81-18-28, 81-18-29, 81-18-31, 81-18-33, 81-18-35, 81-18-36, 81-18-37, 81-18-39, 81-18-40, 81-18-41, 81-18-43, 81-18-45, 81-18-47, 81-18-49, 81-18-53, 81-18-55, 81-18-61 AND 81-18-63, MISSISSIPPI CODE OF 1972, WHICH RELATE TO THE MISSISSIPPI S.A.F.E. MORTGAGE ACT, FOR PURPOSES OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.

In the Senate

• Rita Potts Parks

  Sponsor

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

In the Senate Jan 20 – Feb 11

1. Jan 20Referred to the Senate committee on Business and Financial Institutions
2. Jan 30Reported from committee in the Senate: title sufficient, do pass
3. Feb 11Passed the Senate

In the House of Representatives Feb 12 – Mar 5

1. Feb 12Sent to the House
2. Feb 14Referred to the House committee on Banking and Financial Services
3. Feb 27Reported from committee in the House: title sufficient, do pass
4. Mar 5Passed the House

To the Governor Mar 6 – Mar 12

1. Mar 6Returned to the Senate for enrolling
2. Mar 7Enrolled bill signed in the Senate
3. Enrolled bill signed in the House
4. Mar 12Approved by the Governor