443.816. Residential mortgage board created--members, appointment, qualification, terms, vacancies, compensation, duties.

MISSOURI STATUTES AND CODES

443.816. Residential mortgage board created--members, appointment, qualification, terms, vacancies, compensation, duties.

Residential mortgage board created--members, appointment,qualification, terms, vacancies, compensation, duties.

443.816. There is hereby created in the division of finance a"Residential Mortgage Board" which shall have such powers and duties as arenow or hereafter conferred upon it by law. The board shall consist of fivemembers who shall be appointed by the governor. The members of the boardshall be residents of this state, and one of the members shall be a memberof the Missouri Bar in good standing. Three members of the board shall beexperienced in mortgage brokering and the remaining members of the boardshall have no financial interest in any mortgage brokering business. Notmore than three members of the board shall be members of the same politicalparty. The term of office of each member shall be three years. Membersshall serve until their successors are duly appointed and have qualified.Each member shall serve for the remainder of the term for which the memberwas appointed. The board shall select one of the members as chairman andone of the members as secretary. Vacancies on the board shall be filledfor the unexpired term in the same manner as in the case of an originalappointment. The members of the board shall receive as compensation thesum of one hundred dollars per day while discharging their duties, and theyshall be reimbursed for their actual and necessary expenses incurred in theperformance of their duties. A majority of the members of the board shallconstitute a quorum and the decision of a majority of a quorum shall be thedecision of the board. The board shall meet upon call of the chairman, orof the director, or of any two members of the board, and may meet at anyplace in this state. The board shall:

(1) Approve or disapprove each regulation proposed by the directorpertaining to mortgage brokering; and

(2) Hear and determine any appeal from a denial of an application foror renewal of a license issued under sections 443.701 to 443.893. Theboard may employ, contract, or appoint hearing officers to hear appealsfrom applicants who have been denied a license or a license renewal by thedirector.