As Amended
SEC. 81-18-25. Requirements for principal place of business and branch offices. [Repealed effective July 1, 2007].
(1) Each principal place of business and branch office in the state shall meet all of the following requirements:
(a) Be in compliance with local zoning ordinances and have posted any licenses required by local government agencies. It is the responsibility of the licensee to meet local zoning ordinances and obtain the required occupational licenses.
(b) Consist of at least one (1) secure enclosed room or secure building of stationary construction in which negotiations of mortgage loan transactions may be conducted in privacy. Stationary construction does not include the use of portable buildings.
(c) Display a permanent sign outside the place of business readily visible to the general public, unless the display of sign violates local zoning ordinances or restrictive covenants. The sign must contain the name of the licensee and the words "Mississippi Licensed Mortgage Company" or "Mississippi Registered Mortgage Company."
(2) Each licensee shall prominently display a copy of its current license at the principal place of business and each branch office.
(3) Each person registered under this chapter shall prominently display his or her registration in the office where the person is employed.
(4) If one (1) of the following is correct, then that location shall be licensed as a mortgage company under this chapter and not as a branch:
(a) It is a separate entity operating as an independent business or mortgage operation which is not under the direct control, management supervision and responsibility of the licensee;
(b) The licensee or registered company is not the lessee or owner of the branch and the branch is not under the direct and daily ownership, control, management and supervision of the licensee or registered company;
(c) All assets and liabilities of the branch are not assets and liabilities of the licensee, and all income and expenses of the branch are income and expenses of the licensee and properly accounted for in the financial records and tax returns of the licensee; or
(d) All practices, policies and procedures, including, but not limited to, those relating to employment and operations, are not originated and established by the licensee or registered company and are not applied consistently to the main office and all branches.
Nothing in this subsection (4) shall affect or change, or be construed as affecting or changing, the existing statutory law and common law on agency, principal and agent, independent contractors, and parent and subsidiary companies.
SOURCES: Laws, 2000, Ch.579, §13, SB3100; Laws, 2002, ch. 500, § 14, HB 1522; Laws, 2004, ch. 364, § 14, HB 788, eff from and after passage (approved Apr. 20, 2004.).
PREVIOUS VERSIONS: Pre-2004.