SB2508: Mortgage brokers and lenders; authorize to perform organization activities at a remote location.

Legislative Summary

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.