reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 15 - MISSISSIPPI RURAL CREDIT LAW (§§ 81-15-1 — 81-15-31) › Section 81-15-31 - Amount of capital stock necessary for certain powers

Any corporation, or cooperative association, organized under the laws of this state, having paid up capital of $10,000.00, or more, and in the business of making advances for agricultural purposes shall have power to do business hereunder by amending its charter and by submitting its articles of association and by-laws, attested by its proper officer, to the Federal Intermediate Credit Bank, New Orleans, Louisiana, for approval, and by recording an approved copy of the same as required above and by complying with the provisions above.
Codes, 1930, § 6496; 1942, § 4938; Laws, 1924, ch. 272.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-1 - Title

This chapter may be known and referred to as the "Farmers' Credit Association Law."
Codes, 1930, § 6470; 1942, § 4912; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-3 - Declaration of policy

It is the purpose of this chapter to promote, encourage and assist the united action of the farmers of the state, through co-operative methods in obtaining necessary moneys and credits for the members of the associations contemplated herein during a longer period of time and at a lower rate of interest than is usually obtainable by those engaged in agricultural, garden, and orchard production, the growing of all kinds of live stock, of beef cattle, and of dairying cattle, and of breeding cattle, sheep and hogs, and all kinds of domestic animals.
Codes, 1930, § 6469; 1942, § 4911; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-5 - Definitions

The terms used in this chapter, in addition to their common use and meaning are also defined as follows:
(a)
The term "agricultural products" shall include horticultural, viticultural, dairy, live stock, poultry, bee, fowl, and any other farm products;
(b)
The term "member" shall include actual members of associations without capital stock, and holders of common stock in associations organized with capital stock;
(c)
The term "association" means any association organized under this chapter; and,
(d)
The term "person" shall include individuals, firms, partnerships, corporations, and associations.
Associations organized hereunder shall be deemed nonprofit, inasmuch as they are not organized to make profits for themselves, as such, or for their members, as such, but only for their members as producers.
Codes, 1930, § 6470; 1942, § 4912; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-7 - Who may organize

Ten or more persons, a majority of whom are residents of this state, engaged in the production of any of the products named in Section
81-17-5
may form an association, with or without capital stock, under the provisions hereof.
Codes, 1930, § 6471; 1942, § 4913; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-9 - Purposes

An association may be organized hereunder to engage in any one or more of the activities mentioned above or in financing those engaged in any one or more of such activities, or engaged in doing both.
Codes, 1930, § 6472; 1942, § 4914; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-11 - Powers

Each association incorporated under this chapter, in addition to the powers granted by the Mississippi statutes to corporations, shall have the following powers:
(a)
To engage in any one or more of the activities named in Sections
81-17-3
and
81-17-5
.
(b)
To contract and be contracted with, to sue and be sued.
(c)
To borrow money from any lender and through any channels that the same may be obtained, and to secure the same in any lawful way that may be desirable.
(d)
To issue its notes, obligations, indorsements and underwritings, to sell, discount, hypothecate, or pledge its bills receivable, mortgages, trust deeds, notes, and other securities.
(e)
To lend money to its members, and take securities therefor in such form, way and manner, as it may deem advisable.
(f)
By proper bylaws to make and keep such associations mutual.
(g)
To make all necessary bylaws for the government of said associations.
(h)
To issue common and preferred stock, and fix the relative status of each such class of stock to the other, both as to its stock status and as to its dividend status.
(i)
To create and set up reserves, and make them cumulative.
(j)
To require that each borrower invest a certain percentage, not exceeding ten percent, which may be made payable out of the face of his loan, in the stock of said association, and the same may be apportioned between common stock and preferred stock, as may be provided by the bylaws of the association.
(k)
To make bylaws controlling the sale or transfer of stock in said association, or the retirement or withdrawal thereof.
(l)
To lease or acquire sufficient personal and real property for the necessities of its business.
(m)
To have and use a corporate seal.
Codes, 1930, § 6473; 1942, § 4915; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-13 - Membership

(1)
Any person, partnership, or corporation, may become a member of any one, or more, associations.
(2)
Every applicant for membership must become a borrower to entitle him to be admitted as a member.
(3)
Each applicant must sign a writing, in the form of a recordable instrument, declaring himself to be a member of the association to which he is admitted. This may be done by a separate writing, or by and through a declaration to that effect written into his mortgage or trust deed, upon faith of which he borrows money from the association. Such writing shall also contain therein a declaration of the parties signatory thereto that such applicant holds himself thenceforth bound by the laws of the association then adopted, or that may be thereafter adopted.
(4)
In addition to the common stock taken in the association by each borrower, each member shall be liable for an assessment of ten percent on the face of his loan, to be secured by the security given for the loan, in case there be losses in any year's operations which require such assessment.
(5)
Each borrower, for each loan made to him, shall be treated and considered as being a new member, in so far as the laws and bylaws of the association are concerned and to be applied.
Codes, 1930, § 6474; 1942, § 4916; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-15 - Articles of association

Each association formed under this chapter must prepare and file articles of association, setting forth:
(a)
The name of the association;
(b)
The purpose for which it is formed;
(c)
The place where its principal business will be transacted;
(d)
The term for which it is to exist, not exceeding fifty (50) years;
(e)
The number of directors thereof, which must not be less than five (5), and may be any number in excess thereof, and the term of office of such directors. The number of directors may, from time to time, be increased at any annual meeting of the stockholders.
(f)
If organized without capital, whether the property rights and interest of each member shall be equal or unequal; and, if unequal, the articles shall set forth the general rule or rules applicable to all members by which property rights and interests, respectively, of each member may and shall be determined and fixed; and provisions for the admission of new members who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules. This paragraph of the articles of association shall not be altered, amended, or repealed except by the written consent of the vote of three-fourths of the members.
The articles must be subscribed by the incorporators and acknowledged by one of them before an officer authorized by the law of this state to take and certify acknowledgments; and shall be filed and recorded in the office of the secretary of state.
Codes, 1930, § 6475; 1942, § 4917; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-17 - Amendments to articles of association

Any amendment to the articles of association must first be approved by a vote of not less than two-thirds of all of the members of the board of directors. Such proposed amendment shall then be submitted to either a regular or a special meeting of the members of the association, and its adoption shall require a majority of all the members whose names are of record on the books of the association. Absent members may vote at such meeting, on such proposed amendments, either in writing, or by proxy, addressed to the secretary of the association. In such case the secretary shall read and announce the vote of such absent members. Amendments to the articles of association when so adopted, shall be certified to by the president and secretary of the association, and shall be filed with the Secretary of State. Such certification and filing shall be conclusive evidence of the validity of such amendment.
Codes, 1930, § 6476; 1942, § 4918; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-19 - Organization

The charter to organize any association under this chapter may be applied for by three proposed members of such association, such application to be made in the manner and form as prescribed by the chapter on corporations, when, and whereupon, such charter may be granted by the state.
Codes, 1930, § 6477; 1942, § 4919; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-21 - Bylaws

Said associations may make and adopt any and all bylaws, not in conflict with the laws of the State of Mississippi, for the governing and control of its affairs. Such bylaws shall provide for such officers as may be necessary for the operation of said association, and name the time for annual meetings of stockholders and the officers, and for such other meetings as may be deemed necessary.
Codes, 1930, § 6478; 1942, § 4920; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-23 - Surplus and sinking funds invested

The associations shall have power to invest and reinvest the surplus and sinking funds as may accumulate in its hands from time to time for the use and benefit of its members and stockholders.
Codes, 1930, § 6479; 1942, § 4921; Laws, 1924, ch. 271.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 17 - FARMERS' CREDIT ASSOCIATIONS (§§ 81-17-1 — 81-17-25) › Section 81-17-25 - Tax exemption

So long as said associations shall be kept mutual, and shall lend only to members, they shall be exempt from all forms of taxation; that is, from state, county, municipal, levee board and public improvement taxes, excepting ad valorem taxation of motor vehicles owned by said associations.
Codes, 1930, § 6480; 1942, § 4922; Laws, 1924, ch. 271; Laws, 1978, ch. 514, § 8, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-1 - Short title

This chapter shall be known and cited as the "Mississippi S.A.F.E. Mortgage Act."
Laws, 2000, ch. 579, § 1; reenacted without change, Laws, 2002, ch. 500, § 1; reenacted without change, Laws, 2004, ch. 364, § 1; reenacted without change, Laws, 2007, ch. 581, § 1; Laws, 2009, ch. 544, § 1; reenacted and amended, Laws, 2010, ch. 462, § 1; reenacted without change, Laws, 2012, ch. 571, § 1, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 1, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 1, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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.
Laws, 2002, ch. 500, § 5; reenacted without change, Laws, 2004, ch. 364, § 5; reenacted without change, Laws, 2007, ch. 581, § 5; reenacted without change, Laws, 2010, ch. 462, § 5 eff. 7/1/2010.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 5, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 5, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-11 - Mortgage loan originator surety bond requirement; form; amount

(1)
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.
(2)
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.
(3)
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.
(4)
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.
(5)
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.
(6)
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.
Laws, 2000, ch. 579, § 6; reenacted without change, Laws, 2002, ch. 500, § 7; reenacted without change, Laws, 2004, ch. 364, § 7; reenacted and amended, Laws, 2007, ch. 581, § 7; Laws, 2009, ch. 544, § 6; reenacted without change, Laws, 2010, ch. 462, § 7; reenacted and amended, Laws, 2012, ch. 571, § 6, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 7, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 7, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-13 - Authorization to collect and maintain records and process fees related to licensees; timing of grant or denial of request for license

(1)
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.
(2)
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.
(3)
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.
Laws, 2000, ch. 579, § 7; reenacted and amended, Laws, 2002, ch. 500, § 8; reenacted without change, Laws, 2004, ch. 364, § 8; reenacted and amended, Laws, 2007, ch. 581, § 8; Laws, 2009, ch. 544, § 7; reenacted and amended, Laws, 2010, ch. 462, § 8; reenacted and amended, Laws, 2012, ch. 571, § 7, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 8, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 8, eff. 7/1/2016.
Amended by Laws, 2013, ch. 499, SB 2696, 3, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-19 - Acquisition of interest in licensee

(1)
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
.
(2)
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.
(3)
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.
(4)
The provisions of this section do not apply to the following, subject to notification as required in this section:
(a)
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
.
(b)
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.
(c)
The acquisition of an interest in a licensee by a person by bequest, devise, gift or survivorship or by operation of law.
(5)
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.
Laws, 2000, ch. 579, § 10; reenacted and amended, Laws, 2002, ch. 500, § 11; reenacted and amended, Laws, 2004, ch. 364, § 11; reenacted without change, Laws, 2007, ch. 581, § 11; Laws, 2008, ch. 434, § 6; Laws, 2009, ch. 544, § 11; reenacted without change, Laws, 2010, ch. 462, § 12; reenacted and amended, Laws, 2012, ch. 571, § 11, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 12, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 12, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-28 - Maximum lock-in fee; contents of lock-in fee agreement

(1)
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:
(a)
No fee may be collected to lock in for sixty (60) days or less;
(b)
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;
(c)
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
(d)
Two percent (2%) of the principal amount of the loan to lock in for more than two hundred seventy (270) days.
(2)
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:
(a)
Identification of the property that is associated with the loan;
(b)
The principal amount and term of the loan;
(c)
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;
(d)
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
(e)
The length of the lock-in period that the agreement covers.
Laws, 2006, ch. 451, § 2; reenacted and amended, Laws, 2007, ch. 581, § 16; reenacted without change, Laws, 2010, ch. 462, § 17; reenacted without change, Laws, 2012, ch. 571, § 16, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 17, eff. 7/1/2020.
Reenacted and amended by Laws, 2016, ch. 360, SB 2504, 17, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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.
Laws, 2000, ch. 579, § 15; reenacted without change, Laws, 2002, ch. 500, § 16; reenacted without change, Laws, 2004, ch. 364, § 16; reenacted and amended, Laws, 2007, ch. 581, § 17; reenacted without change, Laws, 2010, ch. 462, § 18; reenacted without change, Laws, 2012, ch. 571, § 17, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 18, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 18, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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:
(a)
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;
(b)
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;
(c)
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;
(d)
That an advertisement containing either a quoted interest rate or monthly payment amount must include:
(i)
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;
(ii)
The term in years or months to fully repay the mortgage;
(iii)
The APR as computed under federal guidelines; and
(e)
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.
Laws, 2000, ch. 579, § 16; reenacted and amended, Laws, 2002, ch. 500, § 17; reenacted and amended, Laws, 2004, ch. 364, § 17; reenacted and amended, Laws, 2007, ch. 581, § 18; Laws, 2009, ch. 544, § 16; reenacted without change, Laws, 2010, ch. 462, § 19; reenacted without change, Laws, 2012, ch. 571, § 18, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 19, eff. 7/1/2020.
Reenacted and amended by Laws, 2016, ch. 360, SB 2504, 19, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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

(1)
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:
(a)
Name of applicant and co-applicant, if applicable;
(b)
Date of application;
(c)
Disposition of loan application, indicating date of loan closing, loan denial, withdrawal and name of lender if applicable;
(d)
Property address;
(e)
Loan amount;
(f)
Terms;
(g)
Loan program; and
(h)
Loan originator.
(2)
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:
(a)
The number of mortgage loans the licensee is servicing;
(b)
The type and characteristics of the loans;
(c)
The number of serviced loans in default, along with a breakdown of thirty-, sixty- and ninety-day delinquencies;
(d)
Information on loss mitigation activities, including details on workout arrangements undertaken and date loss mitigation application was submitted/approved/denied;
(e)
Information on foreclosures commenced and completed;
(f)
Name of applicant and co-applicant, if applicable; and
(g)
Date the loan was boarded/deboarded, if applicable.
Laws, 2000, ch. 579, § 18; reenacted without change, Laws, 2002, ch. 500, § 19; reenacted without change, Laws, 2004, ch. 364, § 19; reenacted and amended, Laws, 2007, ch. 581, § 20; reenacted without change, Laws, 2010, ch. 462, § 21; reenacted and amended, Laws, 2012, ch. 571, § 20, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 21, eff. 7/1/2020.
Reenacted and amended by Laws, 2016, ch. 360, SB 2504, 21, eff. 7/1/2016.
Amended by Laws, 2013, ch. 499, SB 2696, 8, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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

(1)
(a)
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.
(b)
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.
(2)
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.
(3)
The licensee shall, upon reasonable notice, account to the commissioner for all funds in the company's escrow account.
(4)
Escrow accounts are not subject to execution or attachment on any claim against the licensee.
(5)
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.
Laws, 2002, ch. 500, § 20; reenacted without change, Laws, 2004, ch. 364, § 20; reenacted and amended, Laws, 2007, ch. 581, § 21; reenacted without change, Laws, 2010, ch. 462, § 22; reenacted without change, Laws, 2012, ch. 571, § 21, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 22, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 22, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-37 - Suspension or revocation of license; notice to licensee

(1)
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)
A violation of any provision of this chapter or any rule or regulation adopted under this chapter;
(b)
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.
(2)
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.
Laws, 2000, ch. 579, § 19; reenacted without change, Laws, 2002, ch. 500, § 21; reenacted without change, Laws, 2004, ch. 364, § 21; reenacted and amended, Laws, 2007, ch. 581, § 22; Laws, 2009, ch. 544, § 18; reenacted without change, Laws, 2010, ch. 462, § 23; reenacted without change, Laws, 2012, ch. 571, § 22, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 23, eff. 7/1/2020.
Reenacted and amended by Laws, 2016, ch. 360, SB 2504, 23, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-39 - Definition of "person"; violations of law; cease and desist orders; failure to comply with order; civil penalty

(2)
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.
(3)
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.
Laws, 2000, ch. 579, § 20; reenacted and amended, Laws, 2002, ch. 500, § 22; reenacted without change, Laws, 2004, ch. 364, § 22; reenacted without change, Laws, 2007, ch. 581, § 23; repealed by Laws, 2009, ch. 544, § 24; reenacted without change, Laws, 2010, ch. 462, § 24; reenacted and amended, Laws, 2012, ch. 571, § 23, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 24, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 24, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-40 - Commissioner authorized to issue subpoenas; penalties for noncompliance with subpoena

(1)
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.
(2)
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.
Laws, 2008, ch. 434, § 9; reenacted without change, Laws, 2010, ch. 462, § 25; reenacted without change, Laws, 2012, ch. 571, § 24, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 25, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 25, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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.
Laws, 2000, ch. 579, § 21, eff. 7/1/2000; reenacted without change, Laws, 2002, ch. 500, § 23; reenacted without change, Laws, 2004, ch. 364, § 23; reenacted and amended, Laws, 2007, ch. 581, § 24; reenacted without change, Laws, 2010, ch. 462, § 26; reenacted without change, Laws, 2012, ch. 571, § 25, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 26, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 26, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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.
Laws, 2000, ch. 579, 23; reenacted without change,Laws, 2002, ch. 500, 25; reenacted without change,Laws, 2004, ch. 364, 25; reenacted without change,Laws, 2007, ch. 581, 26; reenacted without change,Laws, 2010, ch. 462 eff. 7/1/2010.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 28, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 28, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-47 - Immunity from liability

(1)
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.
(2)
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.
Laws, 2000, ch. 579, 24; reenacted without change,Laws, 2002, ch. 500, 26; reenacted without change,Laws, 2004, ch. 364, 26; reenacted without change,Laws, 2007, ch. 581, 27; reenacted without change,Laws, 2010, ch. 462, eff. 7/1/2010.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 29, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 29, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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.
Laws, 2000, ch. 579, 25; reenacted without change,Laws, 2002, ch. 500, 27; reenacted without change,Laws, 2004, ch. 364, 27; reenacted without change,Laws, 2007, ch. 581, 28; reenacted without change,Laws, 2010, ch. 462; eff. 7/1/2010.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 30, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 30, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 81-18-51 - [Repealed]

Laws, 2000, ch. 579, § 27; Laws, 2002, ch. 500, § 28; Laws, 2004, ch. 364, § 28; Laws, 2007, ch. 581, § 29; Laws, 2009, ch. 544, § 20; reenacted and amended, Laws, 2010, ch. 462, § 31; Laws, 2012, ch. 571, § 27, eff. 7/1/2012.
Repealed by Laws, 2020, ch. 310, SB 2427,§ 35, eff. 7/1/2020.
Amended by Laws, 2016, ch. 360, SB 2504, 31, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › IN GENERAL (§§ 81-18-1 — 81-18-55) › Section 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.
Laws, 2009, ch. 544, § 23; reenacted without change, Laws, 2010, ch. 462, § 28; Laws, 2011, ch. 386, § 1; reenacted and amended, Laws, 2012, ch. 571, § 28, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 31, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 32, eff. 7/1/2016.