SB 422 Modifies provisions relating to residential mortgage loan brokers
Sponsor: Cunningham
LR Number: 1899S.03C Fiscal Notes
Committee: Insurance and Banking
Last Action: 5/12/2017 - Informal Calendar S Bills for Perfection--SB 422-Cunningham, with SCS Journal Page:
Title: SCS SB 422 Calendar Position:
Effective Date: August 28, 2017

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Current Bill Summary

SCS/SB 422 - Under this act, any residential mortgage loan broker licensed in this state, who exclusively makes loans on manufactured or modular homes, is not required to maintain a full-service office in this state. Such brokers are required to file an irrevocable consent which provides that for suits and actions commenced against the broker, the venue shall lie in Cole County.

Reasonable costs may be assessed for any investigation incurred by the Division of Finance outside the scope of annual or special investigations as a result of the broker not maintaining a full-service office in Missouri. Any such costs collected shall be paid to the Department of Insurance, Financial Institutions, and Professional Registration to the credit of the Division of Finance.

This act is substantially similar to HCS/HB 746 (2017) and to a provision in the truly agreed to SS/SCS/HCS/HB 292 (2017).