443.706. Licensure required, when--effective date--exemptions.

MISSOURI STATUTES AND CODES

443.706. Licensure required, when--effective date--exemptions.

Licensure required, when--effective date--exemptions.

443.706. *1. No individual, unless exempted under subsection 3 ofthis section, shall engage in the business of a mortgage loan originatorconcerning any dwelling located in Missouri without first obtaining andmaintaining a license under sections 443.701 to 443.893 and obtainingemployment and acting under the supervision of a single Missouri licensedresidential mortgage broker. Each licensed mortgage loan originator shallregister with and maintain a valid unique identifier issued by the NMLSR.

2. In order to facilitate an orderly transition to licensing andminimize disruption in the mortgage marketplace, the effective date forsubsection 1 of this section shall be July 31, 2010, or such later dateapproved by the Secretary of the U.S. Department of Housing and UrbanDevelopment under the authority granted under Public Law 110-289, Section1508(a).

3. The following are exempt from sections 443.701 to 443.893:

(1) Registered mortgage loan originators when employed and actingunder subdivision (34) of subsection 1 of section 443.703;

(2) Any individual who offers or negotiates terms of a residentialmortgage loan with or on behalf of an immediate family member of theindividual;

(3) Any individual who offers or negotiates terms of a residentialmortgage loan secured by a dwelling that served as the individual'sresidence;

(4) A licensed attorney who negotiates the terms of a residentialmortgage loan on behalf of a client as an ancillary matter to theattorney's representation of the client, unless the attorney is compensatedby a lender, a mortgage broker, or other mortgage loan originator or by anyagent of such lender, mortgage broker, or other mortgage loan originator.