HB 2201 Summary

• Repeals and replaces sections 443.701, 443.703, 443.805, and 475.190 relating to residential mortgage licensing and conservator investment requirements.

• Renames the mortgage licensing statute to the "Missouri Secure and Fair Enforcement for Mortgage Licensing Act" (removing reference to residential mortgage brokers licensing).

• Establishes comprehensive definitions for mortgage industry terms including mortgage loan originator, residential mortgage loan broker, loan processor, underwriter, and affiliated entities.

• Requires residential mortgage loan brokers to obtain licenses from the director of the division of finance and prohibits unlicensed persons from engaging in mortgage brokering activities.

• Expands conservator investment authority to include accounts insured by the National Credit Union Share Insurance Fund and declares sections 443.701, 443.703, and 443.805 as emergency legislation effective upon passage.