reglab/housing_qa huggingface dataset:
MS Code § 81-17-1 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-1. Title

 This chapter may be known and referred to as the "Farmers' Credit Association Law."
MS Code § 81-17-3 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-3. Declaration of policy

 It is the purpose of this chapter to promote, encourage and assist the united action of the farmers of the state, through co-operative methods in obtaining necessary moneys and credits for the members of the associations contemplated herein during a longer period of time and at a lower rate of interest than is usually obtainable by those engaged in agricultural, garden, and orchard production, the growing of all kinds of live stock, of beef cattle, and of dairying cattle, and of breeding cattle, sheep and hogs, and all kinds of domestic animals.
MS Code § 81-17-5 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-5. Definitions

 The terms used in this chapter, in addition to their common use and meaning are also defined as follows:   The term "agricultural products" shall include horticultural, viticultural, dairy, live stock, poultry, bee, fowl, and any other farm products;   The term "member" shall include actual members of associations without capital stock, and holders of common stock in associations organized with capital stock;   The term "association" means any association organized under this chapter; and,   The term "person" shall include individuals, firms, partnerships, corporations, and associations.   Associations organized hereunder shall be deemed nonprofit, inasmuch as they are not organized to make profits for themselves, as such, or for their members, as such, but only for their members as producers.
MS Code § 81-17-7 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-7. Who may organize

 Ten or more persons, a majority of whom are residents of this state, engaged in the production of any of the products named in Section 81-17-5 may form an association, with or without capital stock, under the provisions hereof.
MS Code § 81-17-9 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-9. Purposes

 An association may be organized hereunder to engage in any one or more of the activities mentioned above or in financing those engaged in any one or more of such activities, or engaged in doing both.
MS Code § 81-17-11 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-11. Powers

 Each association incorporated under this chapter, in addition to the powers granted by the Mississippi statutes to corporations, shall have the following powers:   To engage in any one or more of the activities named in Sections 81-17-3 and 81-17-5.   To contract and be contracted with, to sue and be sued.   To borrow money from any lender and through any channels that the same may be obtained, and to secure the same in any lawful way that may be desirable.   To issue its notes, obligations, indorsements and underwritings, to sell, discount, hypothecate, or pledge its bills receivable, mortgages, trust deeds, notes, and other securities.   To lend money to its members, and take securities therefor in such form, way and manner, as it may deem advisable.   By proper bylaws to make and keep such associations mutual.   To make all necessary bylaws for the government of said associations.   To issue common and preferred stock, and fix the relative status of each such class of stock to the other, both as to its stock status and as to its dividend status.   To create and set up reserves, and make them cumulative.   To require that each borrower invest a certain percentage, not exceeding ten percent, which may be made payable out of the face of his loan, in the stock of said association, and the same may be apportioned between common stock and preferred stock, as may be provided by the bylaws of the association.   To make bylaws controlling the sale or transfer of stock in said association, or the retirement or withdrawal thereof.   To lease or acquire sufficient personal and real property for the necessities of its business.   To have and use a corporate seal.
MS Code § 81-17-13 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-13. Membership

  Any person, partnership, or corporation, may become a member of any one, or more, associations.   Every applicant for membership must become a borrower to entitle him to be admitted as a member.   Each applicant must sign a writing, in the form of a recordable instrument, declaring himself to be a member of the association to which he is admitted. This may be done by a separate writing, or by and through a declaration to that effect written into his mortgage or trust deed, upon faith of which he borrows money from the association. Such writing shall also contain therein a declaration of the parties signatory thereto that such applicant holds himself thenceforth bound by the laws of the association then adopted, or that may be thereafter adopted.   In addition to the common stock taken in the association by each borrower, each member shall be liable for an assessment of ten percent on the face of his loan, to be secured by the security given for the loan, in case there be losses in any year's operations which require such assessment.   Each borrower, for each loan made to him, shall be treated and considered as being a new member, in so far as the laws and bylaws of the association are concerned and to be applied.
MS Code § 81-17-15 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-15. Articles of association

 Each association formed under this chapter must prepare and file articles of association, setting forth:   The name of the association;   The purpose for which it is formed;   The place where its principal business will be transacted;   The term for which it is to exist, not exceeding fifty (50) years;   The number of directors thereof, which must not be less than five (5), and may be any number in excess thereof, and the term of office of such directors. The number of directors may, from time to time, be increased at any annual meeting of the stockholders.   If organized without capital, whether the property rights and interest of each member shall be equal or unequal; and, if unequal, the articles shall set forth the general rule or rules applicable to all members by which property rights and interests, respectively, of each member may and shall be determined and fixed; and provisions for the admission of new members who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules. This paragraph of the articles of association shall not be altered, amended, or repealed except by the written consent of the vote of three-fourths of the members.   The articles must be subscribed by the incorporators and acknowledged by one of them before an officer authorized by the law of this state to take and certify acknowledgments; and shall be filed and recorded in the office of the secretary of state.
MS Code § 81-17-17 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-17. Amendments to articles of association

 Any amendment to the articles of association must first be approved by a vote of not less than two-thirds of all of the members of the board of directors. Such proposed amendment shall then be submitted to either a regular or a special meeting of the members of the association, and its adoption shall require a majority of all the members whose names are of record on the books of the association. Absent members may vote at such meeting, on such proposed amendments, either in writing, or by proxy, addressed to the secretary of the association. In such case the secretary shall read and announce the vote of such absent members. Amendments to the articles of association when so adopted, shall be certified to by the president and secretary of the association, and shall be filed with the Secretary of State. Such certification and filing shall be conclusive evidence of the validity of such amendment.
MS Code § 81-17-19 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-19. Organization

 The charter to organize any association under this chapter may be applied for by three proposed members of such association, such application to be made in the manner and form as prescribed by the chapter on corporations, when, and whereupon, such charter may be granted by the state.
MS Code § 81-17-21 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-21. Bylaws

 Said associations may make and adopt any and all bylaws, not in conflict with the laws of the State of Mississippi, for the governing and control of its affairs. Such bylaws shall provide for such officers as may be necessary for the operation of said association, and name the time for annual meetings of stockholders and the officers, and for such other meetings as may be deemed necessary.
MS Code § 81-17-23 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-23. Surplus and sinking funds invested

 The associations shall have power to invest and reinvest the surplus and sinking funds as may accumulate in its hands from time to time for the use and benefit of its members and stockholders.
MS Code § 81-17-25 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 17 - Farmers' Credit Associations|§ 81-17-25. Tax exemption

 So long as said associations shall be kept mutual, and shall lend only to members, they shall be exempt from all forms of taxation; that is, from state, county, municipal, levee board and public improvement taxes, excepting ad valorem taxation of motor vehicles owned by said associations.
MS Code § 81-19-1 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-1. Short title

 This chapter shall be known and may be cited as the "Consumer Loan Broker Act."
MS Code § 81-19-3 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-3. Definitions

 As used in this chapter:   "Advance fee" means any consideration which is assessed or collected prior to the closing of a loan.   "Commissioner" means the Commissioner of Banking and Consumer Finance.   "Consumer loan" means a transaction by which a lender extends credit for personal, family or household purposes in the form of payment of money or of agreement to pay money, for the account of, or to a third party on behalf of, a natural person or persons and which is repayable in installments and may be unsecured or secured by real or personal property. The term "consumer loan" also includes the creation of consumer debt by a credit to an account with a lender upon which the borrower is entitled to draw immediately.   "Consumer loan broker" means a person not otherwise exempt from this chapter who, for compensation from borrowers, finds and obtains consumer loans or credit cards for borrowers from third party lenders.   "Department" means the Department of Banking and Consumer Finance.   "Lender" means a person who makes consumer loans.   "License" means a license required by this chapter.   "Loan charges and fees" means amounts collected from a borrower by a consumer loan broker on behalf of a lender to defray costs of such items as appraisals, surveys, title opinions and similar other expenses.   "Service charge" means the amount charged a borrower by a consumer loan broker for the service of finding and obtaining a consumer loan for the borrower from a third party lender.   "Records" or "documents" means any item in hard copy or produced in a format of storage commonly described as electronic, imaged, magnetic, microphotographic or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
MS Code § 81-19-5 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-5. License requirement; penalty for violation

 No person shall engage in the business of being a consumer loan broker before posting the bond and obtaining the license as required by this chapter. Any person violating this section is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than One Thousand Dollars ($1,000.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment.
MS Code § 81-19-7 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-7. Exclusions from chapter coverage

 Except as otherwise provided in this section, this chapter does not apply to:   Banks, bank holding companies, credit unions, insurance companies, savings and loan associations, savings banks, savings and loan association holding companies, small loan licensees, pawnbrokers, trust companies and their employees when acting on behalf of the employer.   Approved mortgagees of the United States Department of Housing and Urban Development, the Federal Housing Administration or other federal agency.   Mortgage companies required to be licensed and individuals required to be registered under the Mississippi Mortgage Consumer Protection Act (Sections 81-18-1 through 81-18-47), and persons exempt from licensing and registration as provided in Section 81-18-5.   An attorney or certified public accountant licensed in this state, or an enrolled agent who has a current certification from the Internal Revenue Service, who is not actively and principally engaged in the business of being a consumer loan broker even though the services of a consumer loan broker are occasionally rendered in the attorney's practice of law, the certified public accountant's practice of accounting or the enrolled agent's practice of tax services or bookkeeping. However, any such attorney, certified public accountant or enrolled agent still shall be subject to the provisions of this chapter except for the provisions of Section 81-19-5.   A person who, without the consent of the owner, receives a mortgage or deed of trust on real or personal property as security for an obligation arising from use of materials or services in the improvement or repair of the property.   A seller of real property who receives one or more mortgages or deeds of trust as security for a purchase money obligation.
MS Code § 81-19-9 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-9. License application; fee; surety requirement

  An application to become licensed as a consumer loan broker shall be in writing, under oath and in a form prescribed by the commissioner, and shall contain:   The full name and address of the applicant;   The street address, municipality and county of the proposed licensed location;   The complete business and residence address of:   The proprietor, if an individual applicant;   All partners, if a partnership applicant; or   The directors and chief executive officer, if a corporate applicant; and     Such other information as the commissioner may reasonably require in order to evaluate the applicant's suitability to operate as a consumer loan broker.     Each application shall be accompanied by the payment of Three Hundred Dollars ($300.00), which shall be the annual license fee for each licensed location of a consumer loan broker and is in addition to all other taxes and fees required by law. The twelve-month licensing period shall begin on the date the license is issued.   Each application shall be accompanied by evidence of a surety bond in an amount of Twenty-five Thousand Dollars ($25,000.00) issued by a company authorized to do business in Mississippi and approved by the commissioner. The bond shall be in favor of the State of Mississippi to discharge unsatisfied indebtedness or liability of the licensed consumer loan broker to the state, any political subdivision thereof or to any person who may have a cause of action against the broker by reason of the broker's conduct as a licensed consumer loan broker.  The surety on the bond may cancel same by giving sixty (60) days' notice in writing to the commissioner and thereafter shall be relieved of liability after the effective date of cancellation. The commissioner shall require a new bond in an amount of Twenty-five Thousand Dollars ($25,000.00) at any time he has knowledge that a licensee's bond has expired, is about to expire or, in the opinion of the commissioner, is insecure for any reason. The license of any consumer loan broker who fails to post a replacement bond within ten (10) days from receipt of a notice from the commissioner shall be cancelled immediately.   Claimants against the licensee may bring suit directly on the bond, and the Attorney General also may bring suit on behalf of claimants in one (1) or multiple actions.
MS Code § 81-19-11 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-11. Investigation of applicant; issuance or denial of license; time limit for acting on applications

 The commissioner shall investigate the financial soundness, experience, character, reputation and general fitness of the applicant to determine if the business will be operated honestly and in compliance with this chapter and the regulations of the department and if the applicant merits the confidence of the community in which the license is to be located.   At the determination of the commissioner, a license may be issued to the applicant to operate as a consumer loan broker at the address stated in the application.   The commissioner may deny the application and, in that event, shall return the applicant's bond as well as one-half (1/2) of the annual fee. The commissioner shall retain the remaining one-half (1/2) and treat it as other collections permitted under this chapter.   The commissioner shall officially act on all applications within thirty (30) days of receipt of same by the department.
MS Code § 81-19-13 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-13. Separate licenses required for each location; movement of licensed location; surrender of license

 No more than one (1) place of business may be operated under one (1) license; however, a licensed entity may operate multiple locations, each separately licensed.   The license shall be in such form as the commissioner may prescribe and shall be conspicuously posted in the licensed location.   A licensee may move the licensed location within the same county after securing the permission of the commissioner and the payment of Twenty-five Dollars ($25.00) to the department. Upon approval of the new address, the commissioner shall issue an amended license for the unexpired portion of the year. Nothing in this paragraph shall authorize or permit any change of a licensed address to any location outside the original county of licensure.   A licensee may surrender his license by returning it to the commissioner; however, neither the licensee nor the surety on his bond are relieved of any liability which may have accrued before the surrender date.
MS Code § 81-19-15 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-15. Renewal of license; penalty for failure to pay fee

 Applications for renewal of a license shall be submitted, along with the payment of the annual fee, on an application form supplied by the commissioner upon which information relating to all of the applicant's licensed offices shall be set forth in accordance with instructions contained therein, including, in the discretion of the commissioner, such additional information as may be required by statute or regulation for the issuance of an initial license.   The application for renewal of a license shall be received by the commissioner within thirty (30) days prior to the expiration of any valid and existing license issued hereunder. If any person engages in business as provided for in this chapter without paying the license fee provided for in this chapter before commencing business or before the expiration of his current license shall be liable for the full amount of the license fee, plus a penalty in an amount not to exceed Twenty-five Dollars ($25.00) for each day that the person has engaged in the business without a license or after the expiration of a license.
MS Code § 81-19-18 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-18. Commissioner authorized to examine persons suspected of conducting business requiring a license

 The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this chapter, including without limitation the conduct of business without a license as required under this chapter.
MS Code § 81-19-19 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-19. Deposit of funds collected into Consumer Finance Fund

 All funds coming into the possession of the commissioner as a result of this chapter, including all annual fees and examination fees, shall be deposited by the commissioner into the special fund in the State Treasury known as the "Consumer Finance Fund," and shall be expended by the commissioner solely and exclusively for the administration and enforcement of this chapter.
MS Code § 81-19-21 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 19 - Consumer Loan Broker Act|§ 81-19-21. Contracts to be written; enumeration of charges

 A licensee may not enter into an agreement to find and obtain a consumer loan for a borrower unless the agreement is in writing. The contract shall indicate a range acceptable to the borrower of the financing terms, the interest rate, loan charges and fees, and any other charges.   If the loan is to be secured by real property, the contract must enumerate and describe the types of charges which are likely to be made, with a range for each stated, including: discount points, origination fee, appraisals, surveys, title opinions, title insurance and prepaid taxes and insurance premiums. Should the total actual costs at closing exceed the estimate by the greater of ten percent (10%) or Two Hundred Dollars ($200.00), the licensee shall obtain a written agreement from the borrower that the borrower has elected to consummate the transaction even though not obligated to do so. However, any loan charges made by a licensee under the Small Loan Regulatory Law (Sections 75-67-101 through 75-67-137) and the Small Loan Privilege Tax Law (Sections 75-67-201 through 75-67-247) shall be enumerated, described and assessed in the manner provided by Section 75-67-121, Mississippi Code of 1972.