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Mississippi Code
Mississippi Code 1972 (2023)
Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3)
Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63)
IN GENERAL (§§ 81-18-1 — 81-18-55)
- Section 81-18-1 - Short title
- Section 81-18-3 - Definitions
- Section 81-18-5 - Exemptions
- Section 81-18-7 - Mortgage broker, mortgage lender, or mortgage loan originator licensing requirement; violations
- Section 81-18-8 - Enactment of local ordinances and regulations in compliance with this chapter authorized
- Section 81-18-9 - Application for license
- Section 81-18-11 - Mortgage loan originator surety bond requirement; form; amount
- Section 81-18-13 - Authorization to collect and maintain records and process fees related to licensees; timing of grant or denial of request for license
- Section 81-18-14 - Prelicensing education requirements; written test requirement
- Section 81-18-15 - Mortgage broker, mortgage lender and mortgage loan originator license renewal procedures; license fees; annual continuing education requirements for mortgage loan originators
- Section 81-18-17 - License nontransferable and nonassignable; notification to department of change in address, location, officers, etc.; department approval required for opening of branch office; notification to department of release of loan originator from employment; notification to department of change of qualifying individual of licensee
- Section 81-18-19 - Acquisition of interest in licensee
- Section 81-18-21 - Maintenance and investigation of business records; biennial investigation; examination fee; department authorized to examine persons suspected of conducting business requiring a license; licensee to make records and books available to commissioner and compile reports; commissioner may control access to records of licensee under investigation
- Section 81-18-23 - Annual written report by licensee
- Section 81-18-25 - Requirements for principal place of business and branch offices
- Section 81-18-27 - Prohibited acts; licensed mortgage broker or mortgage lender to broker residential mortgage loan only to licensed mortgage brokers or mortgage lenders or exempt persons
- Section 81-18-28 - Maximum lock-in fee; contents of lock-in fee agreement
- Section 81-18-29 - Promulgation of rules and regulations
- Section 81-18-31 - Regulations governing advertising of mortgage loans
- Section 81-18-33 - Required contents of individual borrower files and individual servicer files
- Section 81-18-35 - Journal of mortgage transactions for Mississippi residential loans that licensee originates and/or funds; journal of serviced loans for Mississippi residential loans that licensee owns and/or services
- Section 81-18-36 - Funds paid to licensee for payment of taxes or insurance premiums must be deposited in separate account from funds belonging to licensee; account to be designated "escrow account"; accounting for funds
- Section 81-18-37 - Suspension or revocation of license; notice to licensee
- Section 81-18-39 - Definition of "person"; violations of law; cease and desist orders; failure to comply with order; civil penalty
- Section 81-18-40 - Commissioner authorized to issue subpoenas; penalties for noncompliance with subpoena
- Section 81-18-41 - Continuation of loan servicing under existing servicing contracts by suspended licensee
- Section 81-18-43 - Penalties for violations; report of violations; hearing on amount of penalty; judicial review
- Section 81-18-45 - Commissioner authorized to hire additional full-time employees
- Section 81-18-47 - Immunity from liability
- Section 81-18-49 - Grandfather provisions
- Section 81-18-51 - [Repealed]
- Section 81-18-53 - Applicability of chapter
- Section 81-18-55 - Activities prohibited in the course of residential mortgage loan transactions; compliance with borrower's request for information; compliance with certain requirements whether residential mortgage loan is in default or borrower is in bankruptcy
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