Mississippi passed a bill amending the S.A.F.E. Mortgage Act. Under the bill, the maximum amount of the surety bond the Department may require is increased to $250,000 for mortgage lenders, and $50,000 for mortgage brokers (previously $150,000 and $25,000 respectively). The bill also increased the initial and renewal licensing fees for mortgage lenders, brokers, loan originators and branch offices. In addition, the bill allows mortgage loan originators to perform origination activities at a remote location if certain conditions are met. “Remote location” means a location at which a mortgage loan originator conducts business other than the mortgage lender or broker’s principal place of business or a branch. Furthermore, the bill amended requirements with respect to examination fees, notifications and information security. The bill becomes effective July 1, 2025.
Click to view the Mississippi Senate Bill 2508: https://www.tenaco.com/wp-content/uploads/2025/05/MS-SB-2508.pdf
