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Mortgage Brokers & Savings and Loan Associations Mortgage Brokers Sections 443.800 - 443.893 RSMo, as amended, assigns to the Division of Finance the responsibility of enforcing the laws that regulate residential mortgage brokers. Supervision includes licensing and investigative powers. A license is required to broker residential real estate mortgages unless the individual or company qualifies for an exemption. Before issuing a license, the Division of Finance is required to investigate each applicant for character, general fitness, experience and financial responsibility. Savings and Loan Associations Chapter 369 RSMo requires the Division to supervise state-chartered savings and loan companies and savings banks, including enforcement and execution of laws. Supervision includes periodic examinations to determine safety of operations and compliance with applicable laws. Federally chartered savings institutions are regulated by the Office of Thrift Supervision, and can be identified by "federal", "F.S.B", or "federal savings bank" appearing in their titles. |
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