MS SB2341

Amends Section 81-18-5 of the Mississippi Code to add a new exemption from the S.A.F.E. Mortgage Licensing Act for bona fide nonprofit organizations.

Nonprofit organizations must maintain tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and promote affordable housing or provide homeownership education services.

Qualifying nonprofits must conduct activities serving public or charitable purposes and structure funding, revenue, and employee compensation to prioritize clients' best interests rather than profit incentives.

Exempt nonprofits must provide or identify residential mortgage loans with terms favorable to borrowers and comparable to mortgages offered under government housing assistance programs.

Takes effect upon passage.