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MS HB326
Bill
Status
Failed
4/3/2012
Primary Sponsor
Greg Snowden
Click for details
AI Summary
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Exempts individuals who owner finance no more than 5 residential mortgage loans per calendar year from the Mississippi S.A.F.E. Mortgage Act licensing requirements
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Violations of the 5-loan limit do not affect the purchaser/borrower's title to the property or their obligation to repay the mortgage loan
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Existing exemptions remain in place for registered mortgage loan originators working for specified entities, family member transactions, licensed attorneys, depository institutions, and certain small loan licensees
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Effective date of July 1, 2012
Legislative Description
S.A.F.E. Mortgage Act; exempt persons who owner finance no more than 5 residential mortgage loans per year.
Last Action
Died In Committee
4/3/2012
Full Bill Text
No bill text available