MS HB223

Reenacts and amends the Mississippi S.A.F.E. Mortgage Licensing Act covering sections 81-18-1 through 81-18-63 to clarify definitions and licensing requirements for mortgage brokers and loan originators.

Extends the repeal date of the Act from July 1, 2010 to July 1, 2013, allowing the regulatory framework to continue governing mortgage lending activities in Mississippi.

Exempts certain small loan licensees from S.A.F.E. Act provisions if their mortgage lending is limited solely to servicing loans in their portfolio as of December 31, 2009.

Removes commissioner discretion regarding mortgage loan originator license denials for convictions occurring more than seven years before application, establishing mandatory conviction-based disqualifications within that timeframe.

Revises licensing requirements including expiration dates, notification procedures for address/location changes, qualifying individual designations, and reporting requirements to the Nationwide Mortgage Licensing System and Registry.