Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 30 - Mortgage Broker and Originator Rules
Section 20 CSR 1140-30.260 - Full-Service Office Requirement
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This rule establishes operations and supervision guidelines concerning the full in-state service office requirement.
(1) Each broker shall maintain at least one (1) full-service office located in Missouri consistent with sections 443.703.1(12) and 443.857, RSMo. At a minimum, each Missouri office must be staffed by one (1) supervised licensed mortgage loan originator and such staff as is needed to efficiently administer the tasks mandated by section 443.703.1(12), RSMo. The office location shall have a street address and shall not be a post office box or similar designation and shall be the address where the director is to send all correspondence, official notices, and orders; the broker shall be responsible for keeping the director informed of any changes in said address. In determining whether a broker handles such matters in a reasonably adequate manner, the director may consider consumer complaints received regarding said broker, information obtained from examinations conducted by the division, and reports filed with the division. If it is determined that a broker is not in compliance with section 443.857, RSMo, the director shall notify the broker in writing detailing the requirements to achieve compliance, along with a reasonable deadline.
*Original authority: 443.703, RSMo 2009; 443.857, RSMo 1994, amended 2001, 2009; 443.869, RSMo 1994, amended 1995, 2001, 2009; and 443.887, RSMo 1994, amended 1995, 2001, 2009.
