☰ Revisor of Missouri

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

< > Effective - 28 Aug 1995 bottom

  443.901.  Reverse mortgage act — definitions. — 1.  Sections 443.901 to 443.912 shall be known and be cited as the "Missouri Reverse Mortgage Act".

  2.  For the purposes of sections 443.901 to 443.912 the following terms mean:

  (1)  "Authorized lender" or "lender", a lender authorized to engage in business as a bank, savings institution or credit union under the laws of the United States or this state, residential mortgage licensee who is licensed pursuant to sections 443.800 to 443.893 or entity that is an exempt entity pursuant to sections 443.800 to 443.893;

  (2)  "Brokered", the act of helping to obtain for an investor or other entity, or from an investor or other entity, for a borrower, a residential mortgage loan, including a reverse mortgage loan;

  (3)  "Originated", advertised, solicited, processed, for which a loan application is taken, or which is closed, committed for, or funded;

  (4)  "Principal" as it relates to reverse mortgages, the total of the net amount paid to, receivable by, contracted for, or paid, or payable, for the account of the borrower, and to the extent payment is deferred, additional charges permitted by sections 443.901 to 443.912;

  (5)  "Reverse mortgage loan", a loan originated, made or brokered by an authorized lender which:

  (a)  Is secured by residential real estate property;

  (b)  Provides cash advances to the borrower based upon the equity in the borrower's owner-occupied principal residence;

  (c)  Requires no payment of principal or interest until the entire loan becomes due and payable; and

  (d)  Otherwise complies with the terms of sections 443.901 to 443.912.

­­--------

(L. 1995 H.B. 63, et al. § 1)


---- end of effective  28 Aug 1995 ----

use this link to bookmark section  443.901


Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House