reglab/housing_qa huggingface dataset:
MS Code § 81-18-28 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-28. Maximum lock-in fee; contents of lock-in fee agreement

  A licensed mortgage broker or mortgage lender may enter into lock-in agreements and collect a lock-in fee from a borrower on the lender's behalf. The lock-in fee shall not exceed the following:   No fee may be collected to lock in for sixty (60) days or less;   One percent (1%) of the principal amount of the loan to lock in for more than sixty (60) days, but not to exceed one hundred eighty (180) days;   One and one-half percent (1-1/2%) of the principal amount of the loan to lock in for more than one hundred eighty (180) days, but not to exceed two hundred seventy (270) days; or   Two percent (2%) of the principal amount of the loan to lock in for more than two hundred seventy (270) days.     Before the collection of a lock-in fee, the applicant must be provided a copy of the lock-in fee agreement. This agreement shall contain at least the following:   Identification of the property that is associated with the loan;   The principal amount and term of the loan;   The initial interest rate and/or points, whether the interest rate is fixed or variable, and if variable, the index and margin, or the method by which an interest rate change for the mortgage loan will be calculated;   The amount of the lock-in fee, whether the fee is refundable or nonrefundable, the time by which the lock-in fee must be paid to the lender, and if the fee is refundable, the terms and conditions necessary to obtain the refund; and   The length of the lock-in period that the agreement covers.
MS Code § 81-18-29 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-29. Promulgation of rules and regulations

 The commissioner shall promulgate those rules and regulations, not inconsistent with law, necessary for the enforcement of this chapter.
MS Code § 81-18-31 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-31. Regulations governing advertising of mortgage loans

 The department shall promulgate regulations governing the advertising of mortgage loans, including, but not limited to, the following requirements:   That all advertisements for loans regulated under this chapter may not be false, misleading or deceptive. No person whose activities are regulated under this chapter may advertise in any manner so as to indicate or imply that its interest rates or charges for loans are "recommended," "approved," "set" or "established" by the State of Mississippi;   That all licensees shall maintain a copy of all advertisements citing interest rates or payment amounts primarily disseminated in this state and shall attach to each advertisement documentation that provides corroboration of the availability of the interest rate and terms of loans and names the specific media sources by which the advertisements were distributed;   That all published advertisements disseminated primarily in this state by a license shall contain the name and an office address of the licensee, which shall be the same as the name and address of the licensee on record with the department;   That an advertisement containing either a quoted interest rate or monthly payment amount must include:   The interest rate of the mortgage, a statement as to whether the rate is fixed or adjustable, and the adjustment index and frequency of adjustments;   The term in years or months to fully repay the mortgage;   The APR as computed under federal guidelines; and   That the unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule, regulation or order of the commissioner.
MS Code § 81-18-33 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-33. Required contents of individual borrower files and individual servicer files

  The individual borrower files of a licensee shall contain at least the following:   A mortgage origination agreement provided to the borrower containing at least the following statements:   "As required by Mississippi Law, (licensed company name) has secured a bond issued by (name of insurance company), a surety company authorized to do business in this state. A certified copy of this bond is filed with the Mississippi Commissioner of Banking and Consumer Finance."   "As a borrower you are protected under the Mississippi S.A.F.E. Mortgage Act."   "Complaints against a licensee may be made by contacting the:    Mississippi Department of Banking and Consumer Finance   P.O. Drawer 12129   Jackson, MS 39236-2129";    A copy of the original loan application signed and dated by the licensee;   A copy of the signed closing statement as required by HUD or documentation of denial or cancellation of the loan application;   A copy of the good-faith estimate of costs provided to the borrower;   A copy of the appraisal or statement of value if procured as a part of the loan application process;   A copy of a loan lock-in agreement, if any, provided by the licensee;   A copy of the disclosures required under Regulation Z of the federal Truth In Lending Act and other disclosures as required under federal regulations and evidence that those disclosures have been properly and timely made to the borrower; and   A copy of the final signed Uniform Residential Loan Application. However, any mortgage licensee who holds a license under the provisions of the Small Loan Regulatory Law, Section 75-67-101 et seq., and the Small Loan Privilege Tax Law, Section 75-67-201 et seq., may substitute an application that is otherwise compliant with federal and state law.   Additional information as required per the rules and regulations adopted by the commissioner according to Section 81-18-29.     The individual servicer files of a licensee shall contain at least the following:   A copy of the original initial loan application signed and dated by the licensee;   A copy of the final loan application signed and dated by the licensee;   A copy of the signed closing statement as required by HUD or documentation of denial or cancellation of the loan application;   Modification agreements;   Collection/default letters and related documentation;   Addendums, riders, assigned note, if applicable;   Complete pay history from the time the loan was transferred or boarded;   Complete comment/note history from the time the loan was transferred or boarded; and   Additional information as required per the rules and regulations of this chapter as deemed by the commissioner according to Section 81-18-29.
MS Code § 81-18-35 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-35. Journal of mortgage transactions for Mississippi residential loans that licensee originates and/or funds; journal of serviced loans for Mississippi residential loans that licensee owns and/or services

  Each licensee shall maintain a journal of mortgage transactions at the principal place of business as stated on its license for all Mississippi residential loans that the licensee originated and/or funded. This journal shall be separate from non-Mississippi loans. The journal shall include at least the following information:   Name of applicant and co-applicant, if applicable;   Date of application;   Disposition of loan application, indicating date of loan closing, loan denial, withdrawal and name of lender if applicable;   Property address;   Loan amount;   Terms;   Loan program; and   Loan originator.     Each licensee shall maintain a journal of serviced loans at the principal place of business as stated on its license, for all Mississippi residential loans that the licensee owns and/or services. This journal shall be kept separate from non-Mississippi loans. The journal shall include at least the following information:   The number of mortgage loans the licensee is servicing;   The type and characteristics of the loans;   The number of serviced loans in default, along with a breakdown of thirty-, sixty- and ninety-day delinquencies;   Information on loss mitigation activities, including details on workout arrangements undertaken and date loss mitigation application was submitted/approved/denied;   Information on foreclosures commenced and completed;   Name of applicant and co-applicant, if applicable; and   Date the loan was boarded/deboarded, if applicable.
MS Code § 81-18-36 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-36. Funds paid to licensee for payment of taxes or insurance premiums must be deposited in separate account from funds belonging to licensee; account to be designated "escrow account"; accounting for funds

    All monies paid to a licensee for payment of taxes, loan commitment deposits, work completion deposits, appraisals, credit reports or insurance premiums on property that secures any loan made or serviced by the licensee shall be deposited in an account that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration and shall be kept separate, distinct, and apart from funds belonging to the licensee.   The funds, when deposited, are to be designated as an "escrow account," or under some other appropriate name, indicating that the funds are not the funds of the licensee.     The licensee shall, upon reasonable notice, account to any debtor whose property secures a loan made by the licensee for any funds which that person has paid to the licensee for the payment of taxes or insurance premiums on the property in question.   The licensee shall, upon reasonable notice, account to the commissioner for all funds in the company's escrow account.   Escrow accounts are not subject to execution or attachment on any claim against the licensee.   It is unlawful for any licensee knowingly to keep or cause to be kept any funds or money in any bank or other financial institution under the heading of "escrow account" or any other name designating the funds or monies belonging to the debtors of the licensee, except actual funds paid to the licensee for the payment of taxes and insurance premiums on property securing loans made or serviced by the company.
MS Code § 81-18-37 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-37. Suspension or revocation of license; notice to licensee

  The department may suspend or revoke any license for any reason that would have been grounds for refusal to issue an original license or for:   A violation of any provision of this chapter or any rule or regulation adopted under this chapter;   Failure of the licensee to pay, within thirty (30) days after it becomes final and nonappealable, a judgment recovered in any court within this state by a claimant or creditor in an action arising out of the licensee's business in this state as a mortgage broker or mortgage lender.     Notice of the department's intention to enter an order denying an application for a license under this chapter or of an order suspending or revoking a license under this chapter shall be given to the applicant, licensee in writing, sent by registered or certified mail addressed to the principal place of business of the applicant or licensee. Within thirty (30) days of the date of the notice of intention to enter an order of denial, suspension or revocation under this chapter, the applicant or licensee may request in writing a hearing to contest the order. If a hearing is not requested in writing within thirty (30) days of the date of the notice of intention, the department shall enter a final order regarding the denial, suspension or revocation. Any final order of the department denying, suspending or revoking a license shall state the grounds upon which it is based and shall be effective on the date of issuance. A copy of the final order shall be forwarded promptly by registered or certified mail addressed to the principal place of business of the applicant or licensee.
MS Code § 81-18-39 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-39. Definition of "person"; violations of law; cease and desist orders; failure to comply with order; civil penalty

  For purposes of this section, the term "person" shall be construed to include any officer, director, employee, affiliate or other person participating in the conduct of the affairs of the person subject to the orders issued under this section.   If the department reasonably determines that a person required to be licensed under this chapter has violated any law of this state or any order or regulation of the department, the department may issue a written order requiring the person to cease and desist from unlawful or unauthorized practices. In the case of an unlawful purchase of mortgage loans, the cease and desist order to a purchaser shall constitute the knowledge required under this section for any subsequent violations.   Any person required to be licensed under this chapter who has been deemed by the commissioner, after notice and hearing, to have violated the terms of any order properly issued by the department under this section shall be liable for a civil penalty not to exceed Three Thousand Dollars ($3,000.00). The department, in determining the amount of the penalty, shall take into account the appropriateness of the penalty relative to the size of the financial resources of the person, the good-faith efforts of the person to comply with the order, the gravity of the violation, the history of previous violations by the person, and other factors or circumstances that contributed to the violation. The department may compromise, modify or refund any penalty that has been imposed under this section. Any person assessed a penalty as provided in this subsection shall have the right to request a hearing on the amount of the penalty within ten (10) days after receiving notification of the assessment. If no hearing is requested within ten (10) days of the receipt of the notice, the penalty shall be final except as to judicial review in the Chancery Court of the First Judicial District of Hinds County. Upon the filing of a petition for judicial review, the court shall issue an order to the licensee requiring the licensee to show cause why it should not be entered. If the court determines, after a hearing upon the merits or after failure of the person to appear when so ordered, that the order of the department was properly issued, it shall grant the penalty sought by the department.
MS Code § 81-18-40 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-40. Commissioner authorized to issue subpoenas; penalties for noncompliance with subpoena

  For the purpose of conducting investigations, examinations or other proceedings under this chapter, the commissioner or his designee may issue subpoenas to any individual, person or other entity for the production of all books, papers, records, files, documents or other things, and may subpoena and compel the attendance of witnesses to give testimony, and may administer oaths. Subpoenas as herein provided may be served either by personal process or by registered mail, and upon service shall command attendance of such witnesses, and/or production of such papers and documents, at the time and place so specified.   Any person or entity who fails or refuses to comply with a subpoena issued hereunder may be assessed by the commissioner a civil penalty of not more than Five Hundred Dollars ($500.00) for each day of noncompliance, and any privileges or licenses issued by the commissioner to the person or entity may be suspended for not more than six (6) months. In addition to the civil penalty, the commissioner shall be entitled to the assistance of the chancery court or the chancellor in vacation, which, on petition by the commissioner or his designee, shall issue ancillary subpoenas and petitions and may punish as for contempt of court in the event of noncompliance therewith, and assess attorney's fees and costs, if deemed appropriate.
MS Code § 81-18-41 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-41. Continuation of loan servicing under existing servicing contracts by suspended licensee

 Nothing in this chapter shall preclude a person whose license has been suspended or revoked from continuing to service mortgage loans pursuant to servicing contracts in existence at the time of the suspension or revocation for a reasonable transition period, as determined by the commissioner, after the date of the entry of the final decision in the case suspending or revoking the license.
MS Code § 81-18-45 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-45. Commissioner authorized to hire additional full-time employees

 The commissioner may employ the necessary full-time employees above the number of permanent full-time employees authorized for the department for the fiscal year 2001, to carry out and enforce the provisions of this chapter. The commissioner also may expend the necessary funds and equip and provide necessary travel expenses for those employees.
MS Code § 81-18-47 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-47. Immunity from liability

  A licensee under this chapter shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred the rule, regulation, interpretation, approval or opinion is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.   A licensee under this chapter, acting in conformity with a written interpretation or approval by an official or employee of any state or federal agency or department, shall be presumed to have acted in accordance with applicable law, notwithstanding that after such act has occurred, the interpretation or approval is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason.
MS Code § 81-18-49 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-49. Grandfather provisions

 Notwithstanding any provisions of this chapter to the contrary, mortgage companies engaging in business on or before June 1, 2000, shall be duly licensed by the department after submitting not later than January 1, 2001, the required documents and fees provided in Sections 81-18-9 and 81-18-15. However, upon the expiration of the initial licenses for such mortgage companies, the department shall renew the licenses only if the mortgage companies satisfy all of the provisions of this chapter.
MS Code § 81-18-51 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-51. Repeal of §§ 81-18-1 through 81-18-63

 Sections 81-18-1 through 81-18-63 shall stand repealed on July 1, 2020.
MS Code § 81-18-53 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|In General|§ 81-18-53. Applicability of chapter

 The provisions of this chapter shall apply to the activities of retail sellers of manufactured homes to the extent as determined by the United States Department of Housing and Urban Development through guidelines, rules, regulations or interpretive letters or the United States Consumer Financial Protection Bureau.
MS Code § 81-18-61 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 18 - Mississippi S.A.F.E. Mortgage Act|Nationwide Licensing System|§ 81-18-61. Mortgage loan originators required to be licensed and registered through Nationwide Mortgage Licensing System and Registry; background checks; fees; process to challenge information in system; independent contractor loan processor or underwriter to be licensed as mortgage loan originator

  In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may establish, by rule, regulation or order, requirements as necessary, including, but not limited to:   Background checks for:   Criminal history through fingerprint or other databases;   Civil or administrative records;   Credit history; or   Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;     The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;   The setting or resetting as necessary of renewal or reporting dates; and   Requirements for amending or surrendering a license or any other such activities as the commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.     The commissioner shall establish a process by which mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner.   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.   A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a license under Section 81-18-7(4). Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.