SB 2427 Summary

• Reenacts sections 81-18-1 through 81-18-63 of the Mississippi S.A.F.E. Mortgage Act, which regulates mortgage brokers and mortgage lenders in Mississippi.

• Extends mortgage broker record retention requirements from three (3) years to five (5) years from final disposition of the loan application.

• Repeals Section 81-18-51, which previously set an expiration date for the S.A.F.E. Mortgage Act, making the law permanent.

• Clarifies that borrower files must contain a copy of the "loan estimate of costs" (rather than "good-faith estimate") provided to the borrower.

• Effective date: July 1, 2020.