HCS HB 2201 -- RESIDENTIAL MORTGAGE PROFESSIONALS (Cox)

COMMITTEE OF ORIGIN:  Committee on Financial Institutions

This substitute renames the Missouri Secure and Fair Enforcement
for Mortgage Licensing and Residential Mortgage Brokers Licensing
Act to the Missouri Secure and Fair Enforcement for Mortgage
Licensing Act and exempts a financial institution as defined in
Section 381.410, RSMo, from the mortgage broker licensure
requirements of Sections 443.706 and 443.707 until the Nationwide
Mortgage Licensing System and Registry under the Secure and Fair
Enforcement (SAFE) for Mortgage Licensing Act provisions of the
federal Housing and Economic Recovery Act of 2008 is operational.

The definition of "exempt person" is revised to include a direct
or indirect subsidiary or service corporation of a depository
institution.

The substitute contains an emergency clause.

FISCAL NOTE:  No impact on state funds in FY 2011, FY 2012, and
FY 2013.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:13 pm