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Bill > HB1378
MS HB1378
MS HB1378Mississippi S.A.F.E. Mortgage Act; remove repealer, clarify record keeping requirements and estimate of costs provided to borrower.
summary
Introduced
02/17/2020
02/17/2020
In Committee
05/12/2020
05/12/2020
Crossed Over
03/04/2020
03/04/2020
Passed
Dead
06/17/2020
06/17/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act To Reenact Sections 81-18-1 Through 81-18-63, Mississippi Code Of 1972, Known As The Mississippi S.a.f.e. Mortgage Act; To Amend Reenacted Section 81-18-21, Mississippi Code Of 1972, To Extend And Clarify The Time Period During Which Mortgage Brokers Are Required To Maintain Their Books, Accounts And Records; To Amend Reenacted Section 81-18-33, Mississippi Code Of 1972, To Clarify The Type Of Estimate Of Costs Provided To The Borrower; To Repeal Section 81-18-51, Mississippi Code Of 1972, Which Provides The Date Of Repeal On The Provisions Of Law Known As The Mississippi S.a.f.e. Mortgage Act; And For Related Purposes.
AI Summary
This bill:
- Reenacts the Mississippi S.A.F.E. Mortgage Act, which regulates mortgage brokers and lenders in the state.
- Extends the time period mortgage brokers are required to maintain their books, accounts and records from 3 to 5 years.
- Clarifies the type of cost estimate that must be provided to borrowers, changing the term "good-faith estimate" to "loan estimate."
- Repeals the provision that would have repealed the S.A.F.E. Mortgage Act, allowing the law to continue in effect.
The bill is intended to provide continued oversight and regulation of the mortgage industry in Mississippi, with some clarifications and adjustments to record-keeping and disclosure requirements.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Died On Calendar (on 06/17/2020)
Official Document
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