As Amended
SEC. 81-18-5. Exemptions. [Repealed effective July 1, 2007].
The following persons are not subject to the provisions of this chapter, unless otherwise provided in this chapter:
(a) Any person authorized to engage in business as a bank holding company or as a financial holding company, or any wholly owned subsidiary thereof; however, the wholly owned subsidiary must file a notification statement that includes the following information:
(i) The name or names under which business will be conducted in Mississippi;
(ii) The name and address of the parent financial institution;
(iii) The name, mailing address, telephone number, and fax number of the person or persons responsible for handling consumer inquiries and complaints;
(iv) The name and address of the registered agent for service of process in Mississippi;
(v) A statement signed by the president or chief executive officer of the entity stating that the entity will receive and process consumer inquiries and complaints promptly, fairly, and in compliance with all applicable laws; and
(vi) A fee of One Hundred Dollars ($100.00).
The notification statement must be filed before beginning to conduct a mortgage business in this state and must be updated by the entity as the information changes. Any entity that fails to file the notification statement or keep the information current will be immediately subject to the licensing requirements of Section 81-18-9. This notification statement must be renewed annually as of September 30 of each year with a renewal fee of One Hundred Dollars ($100.00).
(b) Any person authorized to engage in business as a bank, credit card bank, savings bank, savings institution, savings and loan association, building and loan association, trust company or credit union under the laws of the United States, any state or territory of the United States, or the District of Columbia, the deposits of which are federally insured, or any wholly owned subsidiary thereof.
(c) Any person who is a wholesale lender as defined in Section 81-18-3(v) or who is registered by * * * the Federal National Mortgage Association, * * * the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association or the United States Department of Housing and Urban Development; * * * however, * * * persons who qualify for registration under this paragraph shall be subject to Sections 81-18-11, 81-18-13, 81-18-21, 81-18-23, 81-18-25, 81-18-27, 81-18-31, 81-18-33, 81-18-35, 81-18-39 and 81-18-43. Upon the request of the commissioner, those persons shall submit copies of any reports as required by the aforementioned governmental entity to which the person is subject for licensing, supervision or auditing. The department shall have the authority to investigate all consumer complaints concerning Mississippi residential property. To quality for registration, the applicant shall register for a registration certificate with the department and pay an initial fee of Three Hundred Dollars ($300.00). With each application for renewal of the registration certificate, the applicant shall pay a renewal fee of One Hundred Fifty Dollars ($150.00) and provide the department with evidence that the applicant is still licensed, supervised or audited by the governmental entity. If the renewal fee remains unpaid for thirty (30) days after August 31, the registration shall expire, but not before September 30 of any year for which the annual renewal fee has been paid. If any person engages in business without paying the fees provided for in this paragraph before commencing business or before the expiration of the person's current registration, as the case may be, then the person shall be liable for the full amount of the registration fee, plus a penalty in an amount not to exceed Twenty-five Dollars ($25.00) for each day that the person has engaged in business without a registration certificate or after the expiration of a registration certificate. All registration fees and penalties shall be paid into the Consumer Finance Fund of the department. If the registered company has a physical branch location in Mississippi, then this location must be registered with the department as a branch in accordance with Sections 81-18-17 and 81-18-25.
(d) Any lender holding a license under the Small Loan Regulatory Law (Section 75-67-101 et seq.) and the Small Loan Privilege Tax Law (Section 75-67-201 et seq.).
(e) Any attorney licensed to practice law in Mississippi who provides mortgage loan services incidental to the practice of law and who is not a principal of a mortgage company as defined under this chapter.
(f) A real estate company or licensed real estate salesperson or broker who is actively engaged in the real estate business and who does not receive any fee, commission, kickback, rebate or other payment for directly or indirectly negotiating, placing or finding a mortgage for others.
(g) Any person performing any act relating to mortgage loans under order of any court.
(h) Any person who is employed by and representing a Mississippi manufactured housing operation and who makes a mortgage loan for an investment or on a whole loan basis; any person who engages in owner-financing; or any person engaged in the financing of a consumer loan secured by a mortgage on residential immovable property in not more than twelve (12) Mississippi residential mortgage loans, or who contracts for no more than twelve (12) Mississippi residential loan transactions, over the licensing period provided in this chapter, including those acting as originators. The twelve (12) transactions are cumulative to any combination of operations owned or controlled by any one individual, sole proprietorship, corporation, limited liability company, partnership, trust or any other group of individuals, however organized. However, within thirty (30) days of loan closure, the person shall submit to the commissioner a fee of Ten Dollars ($10.00), which is not chargeable to the consumer, and written notification containing such loan information as required by the commissioner, seeking approval to engage in a residential mortgage transaction without first complying with the licensing provisions of this chapter. Any person who enters into more than twelve (12) of those transactions in the licensing period provided in this chapter must be licensed according to the procedures prescribed in this chapter. The fees paid for registration during a licensing period will be deducted from the cost of an initial license.
(i) Any natural person who purchases mortgage loans from a licensed mortgage company solely as an investment and who is not in the business of making or servicing mortgage loans.
(j) Any person who makes a mortgage loan to his or her employee as an employment benefit.
(k) The United States of America, the State of Mississippi or any other state, and any agency, division or corporate instrumentality thereof including, but not limited to, the Mississippi Home Corporation, Rural Economic Community Development (RECD), Habitat for Humanity, the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Company (FHLMC), the Government National Mortgage Association (GNMA), the United States Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Farmers Home Administration (FmHA), and the Federal Land Banks and Production Credit Associations.
(l) Nonprofit corporations exempt from federal taxation under Section 501(c) of the Internal Revenue Code making mortgage loans to promote home ownership or home improvements for the disadvantaged.
(m) Loan originators * * * as defined under Section 81-18-3(j) are exempt from the licensing requirements of this chapter except for Sections 81-18-9(3)(d), 81-18-13 and 81-18-15(3), but shall register with the department as a loan originator. Any natural person required to register under this paragraph (m) shall register initially with the department and thereafter file an application for renewal of registration with the department on or before September 30 of each year providing the department with such information as the department may prescribe by regulation, including, but not limited to, the business addresses where the person engages in any business activities covered by this chapter and a telephone number that customers may use to contact the person. This initial registration of a loan originator shall be accompanied by a fee of One Hundred Dollars ($100.00). Annual renewals of this registration shall require a fee of Fifty Dollars ($50.00). No person required to register under this paragraph (m) shall transact business in this state directly or indirectly as a mortgage company or mortgage lender unless that person is registered with the department.
SOURCES: Laws, 2000, Ch.579, §3, SB3100; Laws, 2002, ch. 500, § 3, HB 1522; Laws, 2004, ch. 364, § 3, HB 788, eff from and after passage (approved Apr. 20, 2004).
PREVIOUS VERSIONS: Pre-2004.