81-18-17 - License to state name, address, and principal place of business of licensee; original license to be displayed in conspicuous place; license nontransferable and nonassignable; notification t
§ 81-18-17. License to state name, address, and principal place of business of licensee; original license to be displayed in conspicuous place; license nontransferable and nonassignable; notification to department of change in address, location, officers, etc.; department approval required for opening of branch office [Repealed effective July 1, 2010].
(1) Each license issued under this chapter shall state the address of the licensee's principal place of business, the licensee's assigned licensed location and the name of the licensee.
(2) A licensee shall post the original license in a conspicuous place in the assigned place of business of the licensee.
(3) A license may not be transferred or assigned.
(4) No licensee shall transact business under any name other than that designated in the license.
(5) Each licensee shall notify the department, in writing, of any change in the address of its principal place of business or licensed loan originator or of any additional location of business or any change of officer, director or principal of the licensee, or licensed loan originator within thirty (30) days of the change.
(6) No licensee shall open a branch office in this state or a branch office outside this state from which the licensee has direct contact with consumers regarding origination or brokering Mississippi residential property, without prior approval of the department. An application for any branch office shall be made through the Nationwide Mortgage Licensing System and Registry on a form prescribed by the department, which shall include at least evidence of compliance with subsection (1) of Section 81-18-25 as to that branch and shall be accompanied by payment of a nonrefundable application fee of One Hundred Dollars ($100.00) and at least one (1) loan originator application licensed at that branch office. The application shall be approved unless the department finds that the applicant has not conducted business under this chapter in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the department to the applicant within thirty (30) days of the date that the complete application is received by the department. After approval, the applicant shall give written notice to the department within ten (10) days of the commencement of business at the branch office. Each branch office that currently holds a branch license shall renew that branch license before the expiration date of the main company license, on or before December 31. The license renewal shall be on a form prescribed by the department with a nonrefundable renewal application fee of Twenty-five Dollars ($25.00). If the annual renewal fee remains unpaid, the license shall expire, but not before December 31 of any year for which the annual renewal fee has been paid. If the renewal fee is not paid before the expiration date of the license, the branch shall be liable for the initial license fee, which is One Hundred Dollars ($100.00), in order to renew.
Sources: Laws, 2000, ch. 579, § 9; reenacted and amended, Laws, 2002, ch. 500, § 10; reenacted and amended, Laws, 2004, ch. 364, § 10; reenacted and amended, Laws, 2007, ch. 581, § 10; Laws, 2008, ch. 434, § 5; Laws, 2009, ch. 544, § 10, eff from and after July 31, 2009.