Current through Register Vol. 49, No. 6, March 15, 2024
(1) A
mortgage loan originator, broker, or any of a broker's directors, principal
stockholders, members, partners, or individuals who influence management
(hereinafter collectively referred to as "licensee" for the purpose of this
rule) shall notify the director in writing within five (5) days of the
occurrence of any of the following events:
(A) Licensee files for bankruptcy protection
or is subjected to an involuntary bankruptcy proceeding;
(B) Institution by any state or other
jurisdiction of a license denial, cease and desist, suspension or revocation
procedure, or other formal or informal regulatory action against a
licensee;
(C) Institution of an
action by the Missouri attorney general or other enforcer of the consumer
protection laws of any jurisdiction to enforce consumer protection laws against
a licensee;
(D) Having a license
suspended, terminated, or otherwise prohibited from participating in a federal
or state program;
(E) Licensee is
suspended, terminated, or otherwise prohibited as an approved lender or
seller/servicer by the Federal National Mortgage Association, Federal Home Loan
Mortgage Corporation, Government National Mortgage Association, Department of
Housing and Urban development, Department of Veterans Affairs, or any other
federal or state agency or program;
(F) The entry of a judgment against a
licensee;
(G) A licensee is
convicted of or enters a plea of guilty or nolo contendere to
a felony or misdemeanor, excluding traffic violations, in a domestic, foreign,
or military court. For the purposes of this requirement, a licensee need not
report traffic or driving violations to the director so long as said violations
are not felonies;
(H) The entry of
a tax or other government lien upon the property of a licensee; or
(I) Revocation or suspension of a licensee's
professional or business license by any state or jurisdiction. An agreement to
surrender a license and/or not to operate in an occupation in which a
professional license is required shall be considered a revocation for the
purposes of this rule.
*Original authority: 443.869, RSMo 1994, amended 1995,
2001, 2009 and 443.887, RSMo 1994, amended 1995, 2001,
2009.
