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.

Statutes affected:
As Introduced: 81-18-3, 81-18-9, 81-18-11, 81-18-25, 81-18-15, 81-18-17, 81-18-21, 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, 81-18-63