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MS SB2924
Bill
AI Summary
- Amends Section 81-18-5 of the Mississippi S.A.F.E. Mortgage Act to exempt small loan companies whose mortgage lending activities are limited solely to loans with a principal of $10,000 or less
- Requires small loan companies that make any mortgage loan exceeding $10,000 in principal to obtain a mortgage license under the S.A.F.E. Mortgage Act
- Small loan companies must hold valid licenses under both the Small Loan Regulatory Law and the Small Loan Privilege Tax Law to qualify for the exemption
- Effective date of July 1, 2012, with an automatic repeal date of June 30, 2012 (note: this appears to be a drafting error making the bill effectively inoperative)
Legislative Description
MS SAFE Mortgage Act; exempt small loan companies with mortgage lending activities under a certain amount.
Last Action
Died In Committee
3/8/2012
Full Bill Text
No bill text available