Senate Committee Substitute

SCS/SB 726 - This act modifies provisions relating to mortgage loan brokers making loans on manufactured homes or modular units. The restriction against charging points or fees on residential real estate loans shall no longer apply to these individuals. Missouri licensed residential mortgage loan brokers with 75% or more of their gross income in Missouri coming from loans secured by manufacture homes or modular units will not be required to maintain an office in the state. They still must obtain a certificate of authority from the secretary of state and file an irrevocable consent to Missouri venue for actions brought against them. The Division of Finance may assess reasonable costs for certain investigations against mortgage loan brokers conducting business but not having an office in the state.

This act is similar to HB 1309 (2012).


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