MO HB479

Requires residential mortgage loan brokers to register each office location in Missouri with the director and limits each person to only one license for conducting broker activities.

Mandates brokers report and file a listing with the director showing each mortgage loan originator employed under their supervision, including name and unique identifier, with updates filed by the next business day.

Prohibits residential mortgage loan brokers from allowing unlicensed individuals or improperly supervised mortgage loan originators to engage in origination activities.

Allows the director to grant waivers of licensing requirements for persons primarily engaged in servicing residential mortgage loans, including waiver of the full-service office requirement.

Permits licensed brokers to operate without a physical full-service office in Missouri if they file an irrevocable consent form with the license application establishing venue for lawsuits in Missouri courts and allows the director to assess investigation costs for such out-of-state brokers.