Section 443.827

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 08 Jul 2009, 2 histories, see footnote   

  443.827.  Applicant for license must agree to maintain certain requirements as to methods of conducting business. — Each application for a residential mortgage loan broker license shall be accompanied by an averment that the applicant:

  (1)  Will maintain at least one full-service office within the state of Missouri as provided in section 443.857;

  (2)  Will maintain staff reasonably adequate to meet the requirements of section 443.857;

  (3)  Will keep for thirty-six months the same written records as required by the federal Equal Credit Opportunity Act, 15 U.S.C. 1691, et seq., and any other information required by rules of the director;

  (4)  Will timely file any report required pursuant to sections 443.701 to 443.893;

  (5)  Will not engage, whether as principal or agent, in the practice of rejecting residential mortgage applications or varying terms or application procedures without reasonable cause, on real estate within any specific geographic area from the terms or procedures generally provided by the residential mortgage loan broker within other geographic areas of the state;

  (6)  Will not engage in fraudulent home mortgage underwriting practices;

  (7)  Will not make payments for the purpose of improperly influencing the independent judgment of an appraiser;

  (8)  Has filed state and federal tax returns for the past three years or filed a statement with the director as to why no return was filed;

  (9)  Will not engage in any activities prohibited by section 443.863;

  (10)  Will not knowingly misrepresent, circumvent or conceal any material particulars regarding a transaction to which the applicant is a party;

  (11)  Will disburse funds in accordance with the applicant's agreements through a licensed and bonded disbursing agent or licensed real estate broker;

  (12)  Has not committed any crime against the laws of this state, or any other state or of the United States, involving moral turpitude, fraudulent or dishonest dealings and that no final judgment has been entered against the applicant in a civil action on grounds of fraud, misrepresentation or deceit which has not been previously reported to the director;

  (13)  Will account for and deliver to any person any property as agreed or required by law, or, upon demand of the person entitled to such accounting and delivery;

  (14)  Has not engaged in any conduct which would be cause for denial of a license;

  (15)  Has not become insolvent;

  (16)  Has not submitted an application which contains a material misstatement;

  (17)  Has not demonstrated negligence or incompetence in the performance of any activity required to hold a license under sections 443.701 to 443.893;

  (18)  Will advise the director in writing of any changes to the information submitted on the most recent application for license within forty-five days of such change.  The written notice must be signed in the same form as the application for the license being amended;

  (19)  Will comply with the provisions of sections 443.701 to 443.893, or with any lawful order or rule made thereunder;

  (20)  Will submit to periodic examinations by the director as required by sections 443.701 to 443.893;

  (21)  Will advise the director in writing of any judgments entered against, and bankruptcy petitions by, the license applicant within five days of the occurrence of the judgment or petition; and

  (22)  Will implement appropriate systems of supervision, management, and control to assure that each employee engaged in the activities of a mortgage loan originator does so in compliance with sections 443.701 to 443.893, and will promptly report any detected violations or apparent violations to the director within thirty days of detection.

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(L. 1994 S.B. 718 § 8, A.L. 1995 H.B. 63, et al., A.L. 2001 S.B. 538, A.L. 2009 H.B. 382)

Effective 7-08-09