Missouri Revises Licensing Requirements Under the Missouri Secure and Fair Enforcement for Mortgage Licensing Act

Missouri Governor Mike Parson recently signed into law a bill, Senate Bill 599 (SB 599), which amends the licensing requirements under the Missouri Secure and Fair Enforcement for Mortgage Licensing Act. The amendments become effective August 28, 2020.

Among other changes, SB 599 establishes a new obligation for residential mortgage loan broker license applicants, requiring that certain control persons (e.g., a person that owns or controls ten percent or more of any class of stock of the applicant) provide fingerprints to the NMLSR for submission to the FBI and any governmental agency or person authorized to receive such information.  In addition, SB 599 removes the requirement that all advertisements by a licensee must contain the name and an office address of such person, which must conform to a name and address on record with the Director of the Division of Finance.  SB 599 also provides that a prelicensing education course that is completed by an individual will not satisfy the mortgage loan originator prelicensing education requirements if the course precedes an application by a “certain period as established by the NMLSR.”