Manufactured Housing Law Update
Manufactured Housing Law Update – Special Issue 2017Read Time: 1 min
McGlinchey Stafford and the Manufactured Housing Institute (MHI) is pleased to bring you the Manufactured Housing Law Update. With content prepared by McGlinchey Stafford’s nationally-recognized consumer financial services team, the Update focuses on legal and regulatory actions in the manufactured housing industry.
On July 11, 2017, and effective August 28, 2017, Missouri enacted House Bill 292 to add, under the Missouri S.A.F.E. Act, new subsection (6) to Mo. Rev. Stat. § 443.812.
The new subsection provides that a residential mortgage loan broker licensed in Missouri and exclusively making loans on manufactured or modular homes shall not be required to maintain a full‐service office in Missouri; however, nothing in this subsection relieves a broker of the requirement to be licensed in the state and to obtain a certificate of authority to transact business in the state from the secretary of state.
The bill requires a residential mortgage loan broker licensed in Missouri who does not maintain a full‐service office in Missouri to file with the license application an irrevocable consent which provides that, for suits and actions commenced against the broker in the courts of the state, the venue shall lie in the circuit court of Cole County.
The bill also provides that the director of the division of finance may assess the reasonable costs of any investigation incurred by the division that are outside the normal expense of any annual or special examination or any other costs incurred by the division as a result of a licensed residential mortgage loan broker who does not maintain a full‐service office in Missouri.