☰ Revisor of Missouri

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

< > Effective - 08 Jul 2009, see footnote bottom

  443.706.  Licensure required, when — effective date — exemptions. — *1.  No individual, unless exempted under subsection 3 of this section, shall engage in the business of a mortgage loan originator concerning any dwelling located in Missouri without first obtaining and maintaining a license under sections 443.701 to 443.893 and obtaining employment and acting under the supervision of a single Missouri licensed residential mortgage broker.  Each licensed mortgage loan originator shall register with and maintain a valid unique identifier issued by the NMLSR.

  *2.  In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the effective date for subsection 1 of this section shall be July 31, 2010, or such later date approved by the Secretary of the U.S. Department of Housing and Urban Development under the authority granted under Public Law 110-289, Section 1508(a).

  3.  The following are exempt from sections 443.701 to 443.893:

  (1)  Registered mortgage loan originators when employed and acting under subdivision (34) of subsection 1 of section 443.703;

  (2)  Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;

  (3)  Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence;

  (4)  A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.

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(L. 2009 H.B. 382)

Effective 7-08-09

*Subsection 1 effective 7-31-10.  No extension was granted as specified in subsection 2.


---- end of effective  08 Jul 2009 ----

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