81-18-23 - Annual written report by licensee [Repealed effective July 1, 2010]. - Mississippi Statutes

§ 81-18-23. Annual written report by licensee [Repealed effective July 1, 2010].
 

(1)  Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. 

(2)  The department, in its discretion, may relieve any company from the payment of any penalty, in whole or in part, for good cause. 

(3)  If a company fails to pay a penalty from which it has not been relieved, the department may maintain an action at law to recover the penalty. 

(4)  Within fifteen (15) days of the occurrence of any of the following events, a company shall file a written report with the commissioner describing the event and its expected impact on the activities of the company in this state: 

(a) The filing for bankruptcy or reorganization by the company; 

(b) The institution of revocation or suspension proceedings against the company by any state or governmental authority; 

(c) Any felony indictment of the company or any of its directors, executive officers, principal officer or loan originators; 

(d) Any felony conviction of the company or any of its directors, executive officers, principal officer or loan originators; or 

(e) Any misdemeanor conviction, in which fraud is an essential element, of any of the company's directors, executive officers, principal officer or loan originators. 

(5)  If the company, owner, principal officer of a company or licensed loan originator is involved in a civil action concerning the company, then the person shall notify the commissioner in writing within sixty (60) days after the initial filing of the civil action. 
 

Sources: Laws, 2000, ch. 579, § 12; reenacted without change, Laws, 2002, ch. 500, § 13; reenacted and amended, Laws, 2004, ch. 364, § 13; reenacted and amended, Laws, 2007, ch. 581, § 13; Laws, 2008, ch. 434, § 7; Laws, 2009, ch. 544, § 13, eff from and after July 31, 2009.