Mississippi passed a bill amending the S.A.F.E. Mortgage Act (SMA). Under the bill: annual continuing education requirements for mortgage loan originators and qualifying individuals are reduced to 8 hours (rather than 12); the requirement to annually complete 2 hours of continuing education related to the SMA is repealed; the requirement to display licensing or registration language outside of a lender, broker or loan originator’s business is repealed; events requiring Department notification are expanded; the requirement to include licensing or registration language in advertisements is repealed; the content of the Mississippi Mortgage Origination Agreement is amended; individual borrower mortgage files are required to be maintained apart and separate from any other personal loan files made by the same borrower; lenders and servicers are prohibited from charging a fee for providing a release of lien or payoff statement (unless more than 5 payoff statements are requested during any calendar year); and with respect to a non-judicial foreclosure sale, a Notice of Default must now be delivered 45 days prior to the date the foreclosure sale is conducted (rather than 45 days prior to initiating foreclosure). The bill becomes effective July 1, 2016.
See Mississippi Legislature website for the full text of the Statutes:
http://billstatus.ls.state.ms.us/documents/2016/pdf/SB/2500-2599/SB2504SG.pdf
