SB2897. Mississippi S.A.F.E. Mortgage Act; revise various licensing provisions and extend repeal date.

Mississippi Legislature. 2012 Regular Session. Senate.

Introduced:
Feb 20, 2012
Last Action:
May 23, 2012
Approved by Governor
Official Source

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History

Feb 20, 2012: Referred To Business and Financial Institutions

Mar 05, 2012: Title Suff Do Pass Comm Sub

Mar 08, 2012: Committee Substitute Adopted

Mar 08, 2012: Passed

Mar 08, 2012: Immediate Release

Mar 09, 2012: Transmitted To House

Mar 19, 2012: Referred To Banking and Financial Services

Mar 27, 2012: Title Suff Do Pass As Amended

Apr 04, 2012: Amended

Apr 04, 2012: Passed As Amended

Apr 05, 2012: Returned For Concurrence

Apr 10, 2012: Decline to Concur/Invite Conf

Apr 24, 2012: Conferees Named Jackson (15th),Wilemon,Harkins

Apr 25, 2012: Conferees Named Zuber,Guice,Hood

Apr 27, 2012: Conference Report Filed

Apr 27, 2012: Conference Report Filed

Apr 29, 2012: Conference Report Adopted

Apr 29, 2012: Conference Report Adopted

May 07, 2012: Enrolled Bill Signed

May 08, 2012: Enrolled Bill Signed

May 08, 2012: Due From Governor 05/25/12

May 23, 2012: Approved by Governor

Summary

AN ACT TO REENACT SECTIONS 81-18-1 THROUGH 81-18-63, MISSISSIPPI CODE OF 1972, WHICH CREATE THE MISSISSIPPI S.A.F.E. MORTGAGE ACT; TO AMEND REENACTED SECTION 81-18-3, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERM "HOUSING FINANCE AGENCY" AS USED IN THE MISSISSIPPI S.A.F.E. MORTGAGE ACT; TO AMEND REENACTED SECTION 81-18-5, MISSISSIPPI CODE OF 1972, TO REVISE THE EXEMPTIONS FROM THE ACT; TO AMEND REENACTED SECTION 81-18-9, MISSISSIPPI CODE OF 1972, TO REVISE THE APPLICATION REQUIREMENTS FOR LICENSURE; TO AMEND REENACTED SECTION 81-18-13, MISSISSIPPI CODE OF 1972, TO CLARIFY THE DEPARTMENT'S AUTHORITY TO ISSUE A LICENSE WHEN AN APPLICANT OR PERSON CONVICTED OF A CRIME HAS RECEIVED AN EXPUNGEMENT OF THE CRIME; TO AMEND REENACTED SECTIONS 81-18-17 AND 81-18-25, MISSISSIPPI CODE OF 1972, TO REVISE THE SIGNAGE REQUIREMENTS FOR EACH PRINCIPAL PLACE OF BUSINESS AND BRANCH OFFICE; TO AMEND REENACTED SECTION 81-18-19, MISSISSIPPI CODE OF 1972, TO CORRECT A TYPOGRAPHICAL ERROR; TO AMEND REENACTED SECTION 81-18-35, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT EACH LICENSEE SHALL INCLUDE THE DATE OF LOAN CLOSING IN HIS JOURNAL OF MORTGAGE TRANSACTIONS; TO AMEND REENACTED SECTION 81-18-39, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO AMEND REENACTED SECTION 81-18-51, MISSISSIPPI CODE OF 1972, TO EXTEND THE DATE OF REPEAL ON THE ACT; TO AMEND REENACTED SECTION 81-18-53, MISSISSIPPI CODE OF 1972, TO REMOVE THE CLARIFYING LANGUAGE REGARDING THE APPLICABILITY OF THE CHAPTER TO ACTIVITIES OF OWNER FINANCING; TO CREATE A NEW SECTION TO PROVIDE SERVICING REQUIREMENTS FOR MORTGAGE LENDERS; AND FOR RELATED PURPOSES.