reglab/housing_qa huggingface dataset:
MS Code § 81-14-385 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 14 - Savings Bank Law|Article 8 - Operations|§ 81-14-385. Savings accounts as legal investments and as security for bonds

  Administrators, executors, custodians, guardians, trustees, pension funds and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, credit unions and all other types of financial institutions, charitable, educational and eleemosynary institutions and organizations hereby are specifically authorized and empowered to invest funds held by them, without any order of any court, in savings accounts of savings banks which are under state supervision, and in accounts of insured savings banks. Such investments shall be deemed and held to be legal investments for such funds. With respect to investments by custodians, savings banks hereby are deemed to be qualified institutions within the meaning of that term as used in the Uniform Gifts to Minors Law of this state.   The provisions of this section are supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
MS Code § 81-14-387 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 14 - Savings Bank Law|Article 8 - Operations|§ 81-14-387. Power to borrow money

 A savings bank may borrow up to twenty-five percent (25%) of its savings liability and net worth for lending purposes; a savings bank may borrow an additional twenty-five percent (25%) of its savings liability and net worth for the purpose of making loans guaranteed by the Federal Housing Administration, a private mortgage guaranty insurance company licensed to do business in this state, or by the Veterans Administration; a savings bank may borrow up to fifty percent (50%) of its savings liability and net worth to pay withdrawals. Borrowing of additional amounts for purchase or construction of a home office or branch office is authorized, but only with approval of the commissioner. Subsequent reduction of savings liability and net worth shall not in any way affect outstanding obligations, but shall be reported to the commissioner and steps taken to comply within a reasonable time. The directors may pledge or authorize the officers to pledge any assets of the saving s bank to secure any loans herein permitted. For the purpose of this paragraph, use of savings accounts in the savings bank shall not be considered borrowing.
MS Code § 81-14-389 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 14 - Savings Bank Law|Article 8 - Operations|§ 81-14-389. Authority to join federal reserve bank

 Any state savings bank shall have the power to subscribe to the capital stock and become a member of a federal reserve bank. Any such savings bank shall continue to be subject to the supervision and examination required by the laws of this state, except that the Federal Reserve Board shall have the right, if it deems necessary, to make examinations. The commissioner may disclose to the Federal Reserve Board, or to the examiners duly appointed by it, all information in reference to the affairs of any savings bank which has become, or desires to become, a member of a federal reserve bank.
MS Code § 81-14-403 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 14 - Savings Bank Law|Article 9 - Holding Companies|§ 81-14-403. Change in control requirement

  Any entity contemplating an action that will result in the change of control of a savings bank or savings bank's holding company shall first make application to the commissioner for a certificate of approval. Such application shall be in the form prescribed by the commissioner and shall contain such information as he shall require.   Notwithstanding the provisions of this chapter, the commissioner may define "control" by rule and regulation in a manner to ensure uniformity with federal law, regulation and usage.
MS Code § 81-18-1 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-1. Short title

 This chapter shall be known and cited as the "Mississippi S.A.F.E. Mortgage Act."
MS Code § 81-18-7 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-7. Mortgage broker, mortgage lender, or mortgage loan originator licensing requirement; violations

  No person shall transact business in this state, directly or indirectly, as a mortgage broker or mortgage lender unless he or she is licensed by the department or is a person exempted from the licensing requirements under Section 81-18-5.   A violation of this section does not affect the obligation of the borrower under the terms of the mortgage loan. The department shall publish and provide for distribution of information regarding approved or revoked licenses.   Every person who directly or indirectly controls a person who violates this section, including a general partner, executive officer, joint venturer, contractor, or director of the person, violates this section to the same extent as the person, unless the person whose violation arises under this subsection shows by a preponderance of evidence the burden of proof that he or she did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.   An individual, unless specifically exempted from this chapter under Section 81-18-5, shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.   In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the effective date of subsection (4) of this section shall be as follows:   For all individuals other than individuals described in paragraph (b), the effective date shall be July 31, 2010, or such later date approved by the Secretary of the United States Department of Housing and Urban Development, under the authority granted under Public Law 110-289, Section 1508(a).   For all individuals licensed as mortgage loan originators as of July 31, 2009, the effective date shall be January 1, 2011, or such later date approved by the Secretary of the United States Department of Housing and Urban Development, under the authority granted under Public Law 110-289, Section 1508(a).     For the purposes of implementing an orderly and efficient licensing process, the commissioner may establish licensing rules or regulations and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals, the commissioner may establish expedited review and licensing procedures.
MS Code § 81-18-8 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-8. Enactment of local ordinances and regulations in compliance with this chapter authorized

 Municipalities and counties in this state may enact ordinances that are in compliance with, but not more restrictive than, the provisions of this chapter. Any order, ordinance or regulation existing on July 1, 2002, or enacted on or after July 1, 2002, that conflicts with this provision shall be null and void.
MS Code § 81-18-11 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-11. Mortgage loan originator surety bond requirement; form; amount

  Each mortgage loan originator shall be covered by a surety bond in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of the person who is subject to this chapter may be used in lieu of the mortgage loan originator's surety bond requirement.   The surety bond shall be in a form as prescribed by the commissioner, and shall provide coverage for each mortgage loan originator in an amount as prescribed in subsection (3) of this section.   The penal sum of the surety bond shall be maintained in an amount as determined by the commissioner by rule or regulation and shall be based upon loan activity during the previous year, but shall not exceed Twenty-five Thousand Dollars ($25,000.00) for a mortgage broker or One Hundred Fifty Thousand Dollars ($150,000.00) for a mortgage lender. For an initial applicant, the bond amount shall be set at Twenty-five Thousand Dollars ($25,000.00) for a mortgage broker and One Hundred Fifty Thousand Dollars ($150,000.00) for a mortgage lender.   When an action is commenced on a licensee's bond, the commissioner may require the filing of a new bond. Immediately upon recovery upon any action on the bond, the licensee shall file a new bond.   All surety bonds shall be in favor, first, of the State of Mississippi for the use, benefit and indemnity of any person who suffers any damage or loss as a result of the company's breach of contract or of any obligation arising from the contract or any violation of law, and, second, for the payment of any civil penalties, criminal fines, or costs of investigation and/or prosecution incurred by the State of Mississippi, including local law enforcement agencies.   The commissioner may promulgate rules or regulations with respect to the requirements for the surety bonds as are necessary to accomplish the purposes of this chapter.
MS Code § 81-18-13 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-13. Authorization to collect and maintain records and process fees related to licensees; timing of grant or denial of request for license

  In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.   Within thirty (30) days after receipt of a completed application, final verification from the Department of Public Safety and/or FBI, and payment of licensing fees prescribed by this chapter, the department shall either grant or deny the request for license. However, if the Federal Financial Institutions Examination Council (FFIEC) prescribes a lesser period of time within which the department shall either grant or deny the request for license, then that time limitation shall supersede this subsection.   A person shall not be indemnified for any act covered by this chapter or for any fine or penalty incurred under this chapter as a result of any violation of this chapter or regulations adopted under this chapter, due to the legal form, corporate structure, or choice of organization of the person, including, but not limited to, a limited liability corporation.
MS Code § 81-18-17 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-17. License nontransferable and nonassignable; notification to department of change in address, location, officers, etc.; department approval required for opening of branch office; notification to department of release of loan originator from employment; notification to department of change of qualifying individual of licensee

  A license may not be transferred or assigned.   No licensee shall transact business under any name other than that designated in the license.   A licensed mortgage broker or mortgage lender shall notify the department through the Nationwide Mortgage Licensing System and Registry of any change in the address of its principal place of business or of any change in the address of an additional licensed branch location within thirty (30) days of the change.   No licensee shall open a branch office in this state or a branch office outside this state from which the licensee has direct contact with consumers regarding origination or brokering Mississippi residential property, without prior approval of the department. An application for any branch office shall be made through the Nationwide Mortgage Licensing System and Registry on a form prescribed by the department, which shall include at least evidence of compliance with subsection (1) of Section 81-18-25 as to that branch and shall be accompanied by payment of a nonrefundable application fee of Three Hundred Dollars ($300.00) and at least one (1) loan originator application licensed at that branch office. The application shall be approved unless the department finds that the applicant has not conducted business under this chapter in accordance with law. Each branch office that currently holds a branch license shall renew that branch license before the expiration date of the main company license, on or before December 31; however, if the initial branch license is issued between November 1 and December 31, the license will expire December 31 of the following licensing year. The license renewal shall be on a form prescribed by the department with a nonrefundable renewal application fee of One Hundred Dollars ($100.00). If the annual renewal fee remains unpaid, the license shall expire, but not before December 31 of any year for which the annual renewal fee has been paid. If the renewal fee is not paid before the expiration date of the license, the branch shall be liable for the initial license fee, which is Three Hundred Dollars ($300.00), in order to renew.   A licensed mortgage broker or mortgage lender shall notify the department within thirty (30) days by submitting a sponsorship removal in the Nationwide Mortgage Licensing System and Registry when a loan originator is released from its employment. In addition, the licensed mortgage broker or mortgage lender shall notify the department within thirty (30) days through the Nationwide Mortgage Licensing System and Registry when there is a change of the qualifying individual of the licensee.
MS Code § 81-18-19 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-19. Acquisition of interest in licensee

  Except as provided in this section, no person shall acquire directly or indirectly ten percent (10%) or more of the voting shares of a corporation or ten percent (10%) or more of the ownership of any other entity licensed to conduct business under this chapter unless it first files an application in accordance with the requirements prescribed in Section 81-18-9.   Upon the filing and investigation of an application, the department shall permit the applicant to acquire the interest in the licensee if it is satisfied and finds that the applicant and its members, if applicable, its directors and officers, if a corporation, and any proposed new directors and officers have provided its surety bond and have the character, reputation and experience to warrant belief that the business will be operated fairly and in accordance with the law. If the application is denied, the department shall notify the applicant of the denial and the reasons for the denial.   A decision of the department denying a license, original or renewal, shall be conclusive, except that the applicant may seek judicial review in the Chancery Court of the First Judicial District of Hinds County, Mississippi.   The provisions of this section do not apply to the following, subject to notification as required in this section:   The acquisition of an interest in a licensee directly or indirectly including an acquisition by merger or consolidation by or with a person licensed under this chapter or exempt from this chapter under Section 81-18-5.   The acquisition of an interest in a licensee directly or indirectly including an acquisition by merger or consolidation by or with a person affiliated through common ownership with the licensee.   The acquisition of an interest in a licensee by a person by bequest, devise, gift or survivorship or by operation of law.     A person acquiring an interest in a licensee in a transaction that is requesting exemption from filing an application for approval of the application shall send a written request to the department for an exemption within thirty (30) days before the closing of the transaction.
MS Code § 81-18-23 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-23. Annual written report by licensee

  Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. Failure to file accurate, timely and complete reports on the Nationwide Mortgage Licensing System and Registry may result in a violation of this chapter, resulting in a civil penalty.   The department, in its discretion, may relieve any company from the payment of any penalty, in whole or in part, for good cause.   If a company fails to pay a penalty from which it has not been relieved, the department may maintain an action at law to recover the penalty.   Within fifteen (15) days of the occurrence of any of the following events, a company shall file with the Nationwide Mortgage Licensing System and Registry the applicable change in the disclosure questions and shall submit the information through the Nationwide Mortgage Licensing System and Registry or file a written report with the commissioner describing the event and its expected impact on the activities of the company in this state:   The filing for bankruptcy or reorganization by the company;   The institution of revocation or suspension proceedings against the company by any state or governmental authority;   Any felony indictment of the company or any of its directors, executive officers, qualifying individual or loan originators;   Any felony conviction of the company or any of its directors, executive officers, qualifying individual or loan originators;   Expiration, termination or default, technical or otherwise, of any existing line of credit or warehouse credit agreement;   Suspension or termination of the licensee's status as an approved seller or seller/servicer by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association;   Exercise of recourse rights by investors or subsequent assignees of mortgage loans if such loans, in the aggregate, exceed the licensee's net worth exclusive of real property and fixed assets; or   Existence of negative balances, exceeding One Hundred Dollars ($100.00) in any operation account at any time or the return of checks, exceeding One Hundred Dollars ($100.00) for insufficient funds.     Licensees who are involved in civil actions shall notify the Nationwide Mortgage Licensing System and Registry within sixty (60) days of the occurrence. An explanation and supporting documentation for each civil action concerning the company shall be submitted through the Nationwide Mortgage Licensing System and Registry. The department may require additional information as necessary.
MS Code § 81-18-25 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-25. Requirements for principal place of business and branch offices

  Each principal place of business and branch office in the state shall meet all of the following requirements:   Be in compliance with local zoning ordinances and have posted any licenses required by local government agencies. It is the responsibility of the licensee to meet local zoning ordinances and obtain the required occupational licenses; however, zoning cannot be residential. If there is no zoning in the area, then the person shall submit to the department a letter from the city or county stating that there is no zoning.   Consist of at least one (1) secure enclosed room or secure building of stationary construction in which negotiations of mortgage loan transactions may be conducted in privacy. Stationary construction does not include the use of portable buildings. If there is no zoning in the requested location and the property is used for residential purposes, then the person shall utilize an enclosed room with a dedicated outside door.   Display a permanent sign outside the place of business readily visible to the general public, unless the display of sign violates local zoning ordinances or restrictive covenants. The sign must contain the name of the licensee and shall also contain the Nationwide Mortgage Licensing System and Registry Unique Identifier issued to that particular licensed location.     If one (1) of the following is correct, then that location shall be licensed as a mortgage broker or mortgage lender under this chapter and not as a branch:   It is a separate entity operating as an independent business or mortgage operation which is not under the direct control, management supervision and responsibility of the licensee;   The licensee is not the lessee or owner of the branch and the branch is not under the direct and daily ownership, control, management and supervision of the licensee;   All assets and liabilities of the branch are not assets and liabilities of the licensee, and all income and expenses of the branch are income and expenses of the licensee and properly accounted for in the financial records and tax returns of the licensee; or   All practices, policies and procedures, including, but not limited to, those relating to employment and operations, are not originated and established by the licensee or registered company and are not applied consistently to the principal place of business and all branches.  Nothing in this subsection (2) shall affect or change, or be construed as affecting or changing, the existing statutory law and common law on agency, principal and agent, independent contractors, and parent and subsidiary companies.