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Bill > HB993

MS HB993

MS HB993
Mortgage brokers and lenders; authorize to perform organization activities at a remote location.

summary

Introduced
01/17/2025
In Committee
02/17/2025
Crossed Over
02/11/2025
Passed
Dead
03/04/2025

Introduced Session

2025 Regular Session

Bill Summary

An Act To Authorize Mortgage Loan Originators To Perform Origination Activities At A Remote Location Under The Supervision And In Compliance With The Licensee's Policies And Procedures Subject To Certain Conditions; To Amend Section 81-18-3, Mississippi Code Of 1972, To Define The Terms "employee", "exclusive Agent", "independent Contractor" And "remote Location"; To Amend Section 81-18-9, Mississippi Code Of 1972, To Increase The Fee For A Mortgage Loan Originator License; To Amend Section 81-18-11, Mississippi Code Of 1972, To Increase The Maximum Sum Of Surety Bond For Mortgage Brokers, Mortgage Lenders And Initial Applicants; To Amend Section 81-18-25, Mississippi Code Of 1972, To Provide That Nothing In This Chapter Shall Be Interpreted To Prohibit Mortgage Loan Originators Of A Licensee Performing Origination Activities At A Remote Location, His Or Her Residence, Or Another Remote Location, Provided That The Licensee Complies With The Provisions Of This Act; To Amend Section 81-18-15, Mississippi Code Of 1972, To Increase The License Fee For Initial Applications For A License To Operate As A Mortgage Broker Or Lender; To Increase The Annual Renewal Fee; To Amend Section 81-18-17, Mississippi Code Of 1972, To Increase The Application Fee For A Licensee's Branch Office; To Increase The Annual Renewal Fee For A Licensee's Branch Office; To Amend Section 81-18-21, Mississippi Code Of 1972, To Increase The Examination Fee For Licensees In The State Of Mississippi; To Bring Forward Sections 81-18-5, 81-18-7, 81-18-8, 81-18-13, 81-18-14, 81-18-19, 81-18-23, 81-18-27, 81-18-28, 81-18-29, 81-18-31, 81-18-33, 81-18-35, 81-18-36, 81-18-37, 81-18-39, 81-18-40, 81-18-41, 81-18-43, 81-18-45, 81-18-47, 81-18-49, 81-18-53, 81-18-55, 81-18-61 And 81-18-63, Mississippi Code Of 1972, Which Relate To The Mississippi S.a.f.e. Mortgage Act, For Purposes Of Possible Amendment; And For Related Purposes.

AI Summary

This bill aims to authorize mortgage loan originators to perform origination activities at remote locations under specific conditions. The bill defines key terms like "remote location," "employee," "exclusive agent," and "independent contractor" and establishes comprehensive requirements for mortgage loan originators working remotely. It requires licensees to implement robust security measures, including secure system access, information protection, and ongoing monitoring. Specifically, mortgage loan originators must access the licensee's secure systems via virtual private networks, ensure device security, comply with information security standards, and be subject to annual certification. The bill also mandates that licensees promptly notify the commissioner of any unauthorized access to consumer information and conduct regular security audits, including penetration testing and vulnerability assessments. Additionally, the bill increases various licensing and examination fees for mortgage brokers and lenders, modifies bonding requirements, and makes several technical amendments to existing mortgage lending regulations. The changes are designed to provide more flexibility for mortgage professionals while maintaining strong consumer protections and information security standards.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Died In Committee (on 03/04/2025)

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