State Codes and Statutes
Statutes > Missouri > T29 > C443 > 443_812One license issued to each broker--record required of locations whereany business is conducted--supervision requirements--waiver oflicensure, when.
443.812. 1. Only one license shall be issued to each personconducting the activities of a residential mortgage broker. A residentialmortgage broker shall register with the director each office, place ofbusiness or location in Missouri where the residential mortgage loan brokerconducts any part of the residential mortgage loan broker's businesspursuant to section 443.839.
2. Residential mortgage loan brokers may only solicit, broker, fund,originate, serve and purchase residential mortgage loans in conformancewith sections 443.701 to 443.893 and such rules as may be promulgated bythe director.
3. No residential mortgage loan broker shall permit an unlicensedindividual to engage in the activities of a mortgage loan originator and noresidential mortgage loan broker shall permit a mortgage loan originator toengage in the activities of a mortgage loan originator under thesupervision of the residential mortgage loan broker until that mortgageloan originator is shown to be employed by the residential mortgage loanbroker as provided in this section.
4. Each residential mortgage loan broker shall report and file alisting with the director showing each mortgage loan originator licensed inMissouri and employed under the supervision of the residential mortgageloan broker. The listing shall show the name and unique identifier of eachmortgage loan originator. The listing shall be updated with changes andfiled no later than the next business day. The director may authorize asystem of reporting that shows mortgage loan originators employed byMissouri residential mortgage loan brokers via the NMLSR in substitutionfor the report and filing requirement under this subsection.
5. The director may grant waivers of residential mortgage loan brokerlicensing requirements for persons engaged primarily in servicingresidential mortgage loans where such waiver shall benefit borrowersincluding in particular the requirement to maintain a full-service officein Missouri.
(L. 1994 S.B. 718 § 2 subsecs. 6, 7, A.L. 1995 H.B. 63, et al., A.L. 2001 S.B. 538, A.L. 2009 H.B. 382)Effective 7-08-09
