As Amended
SEC. 81-18-9. Application for license. [Repealed effective July 1, 2007].
(1) An application for a license under this chapter shall be made in writing and in the form as the department may prescribe.
(2) The application shall include at least the following:
(a) The legal name, residence, and business address of the applicant and, if applicable the legal name, residence and business address of every principal, together with the resume of the applicant and of every principal of the applicant.
(b) The name under which the applicant will conduct business in the state.
(c) The complete address of the applicant's initial registered office, branch office(s) and any other locations at which the applicant will engage in any business activity covered by this chapter.
(d) A copy of the certificate of incorporation, if a Mississippi corporation.
(e) Documentation satisfactory to the department as to a certificate of existence of authority to transact business lawfully in Mississippi, if an individual, sole proprietorship, limited liability company, partnership, trust or any other group of individuals, however organized.
(f) If a foreign corporation, a copy of a certificate of authority to conduct business in Mississippi and the address of the main corporate office of the foreign corporation.
(g) Documentation of a minimum of two (2) years' experience directly in mortgage lending by a person or at least one (1) executive officer. Evidence shall include, where applicable:
(i) Copies of business licenses issued by governmental agencies.
(ii) Written letters of employment history of the person filing the application for at least two (2) years before the date of the filing of an application including, but not limited to, job descriptions, length of employment, names, addresses and phone numbers for past employers.
(iii) A listing of wholesale lenders with whom the applicant has done business with in the past two (2) years either directly as a mortgage company or indirectly as an employee of a mortgage company.
(iv) Any other data and pertinent information as the department may require with respect to the applicant, its directors, principals, trustees, officers, members, contractors or agents.
(h) In lieu of documentation of two (2) years experience in mortgage lending by an applicant, documentation of passage of an examination covering mortgage lending, approved by the department.
(3) The application shall be filed together with the following:
(a) The license fee specified in Section 81-18-15;
(b) A completed and signed form authorizing the department to obtain information from outside sources for each person, executive officer and employee;
(c) An original or certified copy of a surety bond in favor 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 mortgage company's breach of contract or of any obligation arising therefrom or any violation of law; and
(d) Except as provided in this paragraph (d), a set of fingerprints from any local law enforcement agency from the following applicants:
(i) All individuals operating as a sole proprietorship that plan to conduct a mortgage brokering or lending business in the State of Mississippi;
(ii) Partners in a partnership or principal owners of a limited liability company that are or will be actively engaged in the daily operation of a mortgage brokering or lending business in the State of Mississippi;
(iii) The chief executive officer of a corporation, or his designee, which supervises the Mississippi location(s) and any shareholders owning twenty-five percent (25%) or more of the outstanding shares of the corporation; and
(iv) All loan originators.
SOURCES: Laws, 2000, Ch.579, §5, SB3100; Laws, 2002, ch. 500, § 6, HB 1522; Reenacted without change, Laws, 2004, ch. 364, § 6, HB 788, eff from and after passage (approved Apr. 20, 2004).
PREVIOUS VERSIONS: Pre-2004.