Effective - 28 Aug 2017, 2 histories
443.812. One license issued to each broker — record required of locations where any business is conducted — supervision requirements — waiver of licensure, when — manufactured or modular home loans. — 1. Only one license shall be issued to each person conducting the activities of a residential mortgage loan broker. A residential mortgage loan broker shall register with the director each office, place of business or location in Missouri where the residential mortgage loan broker conducts any part of the residential mortgage loan broker's business pursuant to section 443.839.
2. Residential mortgage loan brokers may only solicit, broker, fund, originate, serve and purchase residential mortgage loans in conformance with sections 443.701 to 443.893 and such rules as may be promulgated by the director.
3. No residential mortgage loan broker shall permit an unlicensed individual to engage in the activities of a mortgage loan originator and no residential mortgage loan broker shall permit a mortgage loan originator to engage in the activities of a mortgage loan originator under the supervision of the residential mortgage loan broker until that mortgage loan originator is shown to be employed by the residential mortgage loan broker as provided in this section.
4. Each residential mortgage loan broker shall report and file a listing with the director showing each mortgage loan originator licensed in Missouri and employed under the supervision of the residential mortgage loan broker. The listing shall show the name and unique identifier of each mortgage loan originator. The listing shall be updated with changes and filed no later than the next business day. The director may authorize a system of reporting that shows mortgage loan originators employed by Missouri residential mortgage loan brokers via the NMLSR in substitution for the report and filing requirement under this subsection.
5. The director may grant waivers of residential mortgage loan broker licensing requirements for persons engaged primarily in servicing residential mortgage loans where such waiver shall benefit borrowers including in particular the requirement to maintain a full-service office in Missouri.
6. (1) The provisions of this subsection shall apply only to residential mortgage loan brokers exclusively making loans on manufactured or modular homes.
(2) A residential mortgage loan broker licensed in this state shall not be required to maintain a full-service office in Missouri; however, nothing in this subsection shall be construed as relieving a broker of the requirement to be licensed in this state and to obtain a certificate of authority to transact business in this state from the secretary of state.
(3) A residential mortgage loan broker licensed in this state who does not maintain a full-service office in Missouri shall file with the license application an irrevocable consent in a form to be determined by the director, duly acknowledged, which provides that, for suits and actions commenced against the broker in the courts of this state and, if necessary, for actions brought against the broker, the venue shall lie in the circuit court of Cole County.
(4) The director may assess the reasonable costs of any investigation incurred by the division that are outside the normal expense of any annual or special examination or any other costs incurred by the division as a result of a licensed residential mortgage loan broker who does not maintain a full-service office in Missouri. All costs assessed under this subsection shall be paid to the director of the department of commerce and insurance and shall be deposited into the credit of the division of finance.
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(L. 1994 S.B. 718 § 2 subsecs. 6, 7, A.L. 1995 H.B. 63, et al., A.L. 2001 S.B. 538, A.L. 2009 H.B. 382, A.L. 2017 H.B. 292)
Structure Missouri Revised Statutes
Title XXIX - Ownership and Conveyance of Property
Chapter 443 - Mortgages, Deeds of Trust and Mortgage Brokers
Section 443.005 - Security instrument defined.
Section 443.020 - Claim of such extension barred, when.
Section 443.030 - Prior acknowledgment of deed of trust deemed valid.
Section 443.060 - Acknowledgment of satisfaction and release, how made.
Section 443.070 - Affidavit required with deed of release, when — penalty for failure.
Section 443.090 - Part of property may be released, how.
Section 443.120 - Penalty for making false affidavit.
Section 443.130 - Liability for failing to satisfy — demand by certified mail required.
Section 443.140 - Attorney in fact may enter satisfaction.
Section 443.150 - Acknowledgment and satisfaction — how made by a corporation.
Section 443.160 - Personal representative may satisfy and deliver deed or release.
Section 443.170 - Penalty for failing to acknowledge satisfaction and deliver deed of release.
Section 443.180 - Sections 443.160 and 443.170 construed.
Section 443.185 - Releases of mortgages or deeds of trust defective — deemed valid, when.
Section 443.190 - Petition to foreclose, where filed.
Section 443.200 - Petition, where filed.
Section 443.210 - Proceedings to be as in civil actions.
Section 443.220 - Who may be made parties.
Section 443.230 - Judgment on constructive notice.
Section 443.240 - Judgment on personal service.
Section 443.250 - Proceedings where mortgagee, secured party, mortgagor or debtor dies.
Section 443.260 - Judgment when personal representative is party defendant.
Section 443.270 - Execution to be a special fieri facias.
Section 443.280 - Title which purchaser acquires.
Section 443.290 - Mortgages and security agreements with power of sale.
Section 443.300 - Death of debtor, foreclosure stayed.
Section 443.310 - Sales, where made — number of days' notice.
Section 443.320 - Notice, contents — how published.
Section 443.330 - Trustee failing to execute trust, parties interested may proceed, how.
Section 443.355 - Continuance of sale by trustee without readvertisement, manner — restrictions.
Section 443.360 - Compensation of trustees under trust deeds.
Section 443.370 - Penalty for overcharging.
Section 443.380 - Recitals in deed prima facie evidence.
Section 443.400 - Redemption before sale.
Section 443.410 - Foreclosures by trustee's sale — how made — redemption.
Section 443.415 - Mortgage may be insured for certain buyers, amount, requirements.
Section 443.420 - Notice of redemption — how given, rights.
Section 443.430 - Motion for approval of bond for redemption — hearing — receiver — additional bond.
Section 443.440 - Certificate of sale — upon failure to redeem, deed to be executed.
Section 443.453 - Financial institutions to pay property tax, how.
Section 443.454 - Enforcement and servicing of real estate loans, federal and state law preemption.
Section 443.701 - Citation of law.
Section 443.703 - Definitions.
Section 443.706 - Licensure required, when — effective date — exemptions.
Section 443.707 - Loan processors and underwriters, license required.
Section 443.709 - Rulemaking authority — expedited review and licensing procedures permitted, when.
Section 443.713 - Findings required for licensure.
Section 443.717 - Prelicensing education requirements.
Section 443.719 - Written test required, test measures — minimum competency requirements.
Section 443.721 - Renewal of licensure, minimum standards.
Section 443.723 - Continuing education requirements.
Section 443.725 - Duties of director — rule requirements authorized.
Section 443.727 - Challenge of information in NMLSR.
Section 443.729 - Supervision and enforcement — civil penalty.
Section 443.731 - Surety bond requirements.
Section 443.733 - Supervisory information sharing — confidentiality requirements.
Section 443.735 - Investigations and examinations, authority of director.
Section 443.739 - Reports of condition required.
Section 443.741 - Violations, director required to report.
Section 443.745 - Unique identifier to be shown on applications, solicitations, or advertisements.
Section 443.747 - Severability clause — rulemaking authority.
Section 443.805 - License required to broker residential mortgage.
Section 443.807 - Director, power to request injunction, when.
Section 443.809 - Examination, powers of director to inspect records of licensed persons.
Section 443.810 - Penalty for violations.
Section 443.823 - Licenses to be issued in duplicate, effective when.
Section 443.825 - Application content, oath and form — fingerprinting, when.
Section 443.830 - License refused — grounds.
Section 443.841 - License to be displayed.
Section 443.849 - Bonding requirements.
Section 443.855 - Advertising of mortgage loans, rulemaking authority.
Section 443.863 - Unlawful discrimination for refusal to loan or vary terms of the loan.
Section 443.865 - Escrow accounts, placement by brokers — authority for rules.
Section 443.867 - Disclosure statement required of brokers, content — fee — compensation.
Section 443.869 - Powers and duties of director — rulemaking authority.
Section 443.875 - Bond may be required, conditioned on compliance with subpoena, when.
Section 443.877 - Writ of attachment authorized on failure to comply with subpoena.
Section 443.879 - Reports required, failure to comply, penalty.
Section 443.881 - Suspension or revocation of license, grounds — procedure, penalties.
Section 443.885 - Report to be filed with director annually, contents.
Section 443.887 - General rulemaking powers of director.
Section 443.893 - Receiver or conservator to be appointed by court, when — attorney general's duty.
Section 443.901 - Reverse mortgage act — definitions.
Section 443.903 - Reverse mortgage regulations.
Section 443.906 - Reverse mortgage may be made regardless of certain other transactions.
Section 443.909 - Treatment of payments for certain purposes.
Section 443.912 - Statement regarding counseling services on reverse mortgages.
Section 443.930 - Prohibited acts — constitutes mortgage fraud — no private right of action created.
Section 443.1001 - Citation of law.
Section 443.1003 - Definitions.
Section 443.1006 - Annual reporting, forms — rulemaking authority.
Section 443.1007 - Financial institutions, actions not responsible or liable for.