Bill Text: MS SB2924 | 2012 | Regular Session | Comm Sub
Bill Title: MS SAFE Mortgage Act; exempt small loan companies with mortgage lending activities under a certain amount.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Failed) 2012-03-08 - Died In Committee [SB2924 Detail]
Download: Mississippi-2012-SB2924-Comm_Sub.html
MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Business and Financial Institutions
By: Senator(s) Hudson, Polk
Senate Bill 2924
(COMMITTEE SUBSTITUTE)
AN ACT TO AMEND SECTION 81-18-5, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM THE MISSISSIPPI S.A.F.E. MORTGAGE ACT SMALL LOAN COMPANIES WITH MORTGAGE LENDING ACTIVITIES THAT ARE LIMITED SOLELY TO LOANS UNDER A CERTAIN AMOUNT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 81-18-5, Mississippi Code of 1972, is amended as follows:
81-18-5. The following are exempt from the provisions of this chapter:
(a) Registered mortgage loan originators, when acting for an entity described in Section 81-18-3(hh).
(b) Any person who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual.
(c) Any person who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence.
(d) A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of the lender, mortgage broker, or other mortgage loan originator.
(e) A depository institution, or a subsidiary that is owned and controlled by a depository institution, or an institution regulated by the Farm Credit Administration.
(f) Any mortgage lender who holds a valid license under the provisions of the Small Loan Regulatory Law, Section 75-67-101 et seq., and the Small Loan Privilege Tax Law, Section 75-67-201 et seq., and whose mortgage lending activities are limited solely to mortgage loans having a principal of Ten Thousand Dollars ($10,000.00) or less. If any such lender makes a mortgage loan having a principal that exceeds Ten Thousand Dollars ($10,000.00), then the lender shall obtain a mortgage license as provided in this chapter.
SECTION 2. This act shall take effect and be in force from and after July 1, 2012, and shall stand repealed from and after June 30, 2012.
