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 81-18-7 - Mortgage broker, mortgage lender, or mortgage loan originator licensing requirement; violations

(1)
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
.
(2)
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.
(3)
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.
(4)
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.
(5)
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:
(a)
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).
(b)
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).
(6)
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.
Laws, 2000, ch. 579, § 4; reenacted without change, Laws, 2002, ch. 500, § 4; reenacted without change, Laws, 2004, ch. 364, § 4; reenacted and amended, Laws, 2007, ch. 581, § 4; Laws, 2009, ch. 544, § 4; reenacted without change, Laws, 2010, ch. 462, § 4; reenacted without change, Laws, 2012, ch. 571, § 4, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 4, eff. 7/1/2020.
Reenacted by Laws, 2016, ch. 360, SB 2504, 4, eff. 7/1/2016.