§ 443.869 — Powers and duties of director — rulemaking authority.

Missouri § 443.869

• Jurisdiction: Missouri
• Title XXIX: OWNERSHIP AND CONVEYANCE OF PROPERTY
• Ch. 443: Mortgages, Deeds of Trust and Mortgage Brokers

Text

1.  The functions, powers and duties of the director shall include the following:

(1)  To issue or refuse to issue any license as provided in sections 443.701 to 443.893 ;

(2)  To revoke or suspend for cause any license issued pursuant to sections 443.701 to 443.893 ;

(3)  To keep records of all licenses issued pursuant to sections 443.701 to 443.893 ;

(4)  To receive, consider, investigate and act upon complaints made by any person in connection with any residential mortgage loan broker or mortgage loan originator in this state;

(5)  To consider and act upon any recommendations from the residential mortgage board;

(6)  To prescribe the forms for and receive:

(a)  Applications for licenses; and

(b)  All reports and all books and records required to be made by any residential mortgage loan broker pursuant to the provisions of sections 443.701 to 443.893 , including annual audited financial statements;

(7)  To adopt rules necessary and proper for the administration of sections 443.701 to 443.893 ;

(8)  To subpoena documents and witnesses and compel their attendance and production, to administer oaths and to require the production of any books, papers or other material relevant to any inquiry authorized by sections 443.701 to 443.893 ;

(9)  To require information with regard to any applicant as the director may deem desirable, with due regard to the paramount interests of the public, about the experience, background, honesty, truthfulness, integrity and competency of the applicant concerning financial transactions involving primary or subordinate mortgage financing and where the applicant is a person other than an individual, as to the honesty, truthfulness, integrity and competency of any officer or director of the corporation, association or other person or the members of a partnership;

(10)  To examine the books and records of every residential mortgage loan broker at intervals as provided by sections 443.701 to 443.893 and the rules promulgated thereunder;

(11)  To enforce the provisions of sections 443.701 to 443.893 ;

(12)  To levy fees and charges for services performed in administering the provisions of sections 443.701 to 443.893 . The aggregate of all fees collected by the director shall be deposited promptly after receipt and accompanied by a detailed statement of such receipts in the residential mortgage licensing fund; provided that fees may also be collected under the requirements of the NMLSR;

(13)  To appoint a staff which may include an executive director, examiners, supervisors, experts, special assistants and any necessary support staff as needed to effectively and efficiently administer the provisions of sections 443.701 to 443.893 ;

(14)  To conduct hearings for such purposes as the director deems appropriate; and

(15)  To enter into agreements or contracts with authorized representatives of the NMLSR as appropriate to implement the NMLSR in Missouri.

2.  Any rule or portion of a rule, as that term is defined in section 536.010 , that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028 .  This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2001, shall be invalid and void.

Legislative History

(L. 1994 S.B. 718 § 25, A.L. 1995 H.B. 63, et al., A.L. 2001 S.B. 538, A.L. 2009 H.B. 382) Effective 7-08-09