MS HB1378

Reenacts the Mississippi S.A.F.E. Mortgage Act (Sections 81-18-1 through 81-18-63) establishing comprehensive licensing and regulatory requirements for mortgage brokers and mortgage lenders

Extends record retention period from 3 years to 5 years from final disposition of loan applications, clarifying that mortgage brokers must maintain books, accounts and records separately from other business activities

Clarifies that licensees must provide borrowers with a "loan estimate of costs" rather than specifically a "good-faith estimate," allowing flexibility in the type of cost estimate provided

Repeals Section 81-18-51 which previously set an expiration date for the S.A.F.E. Mortgage Act, making the regulatory framework permanent rather than temporary

Establishes effective date of July 1, 2020 for all provisions of the act