reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-155 - Securities in which associations may invest

Associations shall have power to invest in securities as follows:
(a)
Without limit, in obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this state; in stock or obligations of any federal home loan bank or banks; in stock or obligations of the Federal Deposit Insurance Corporation; in stock or obligations of the Federal National Mortgage Association, the Government National Mortgage Association, Federal Home Loan Mortgage Corporation, or any successor or successors thereto; in demand, time, or savings deposits, accounts or other obligations of any financial institution the accounts of which are insured by a federal agency; in bankers' acceptances which are eligible for purchase by Federal Reserve banks;
(b)
Not in excess of twenty-five percent (25%) of its assets in (i) bonds, notes or other evidences of indebtedness which are a general obligation of, or guaranteed as to principal and interest by, any agency or instrumentality of the United States not specified in subsection (a) or of this state, or any city, town, village, county, district or other municipal corporation or political subdivision of this state, or any public instrumentality or public authority of any one or more of the foregoing; (ii) capital stock, obligations, or other securities of service organizations, provided that the commissioner shall establish by regulation the permissible aggregate of such investments as a percentage of assets; and (iii) other stocks, securities and obligations which the board shall approve and place on a list to be published and distributed to every association from time to time, and the commissioner is directed to publish and make distribution of such a list. An association holding investments which are so listed by the commissioner shall have a reasonable time to dispose of the same if at a later time the commissioner shall remove such investments from the list.
Laws, 1977, ch. 445, § 45; reenacted, Laws, 1982, ch. 301, § 78; Laws, 1990 Ex Sess, ch. 52, § 79; Laws, 1993, ch. 441, § 79; reenacted and amended, Laws, 1994, ch. 622, § 111; reenacted without change, Laws, 1997, ch. 496, § 76; reenacted without change, Laws, 2001, ch. 488, § 78, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-157 - Association may not invest in security or grant loan when liquid assets are less than five percent of savings liability

No association shall invest in any security, other than those that qualify as liquid assets, or in any loan at any time when its liquid assets are less than five percent (5%) of its savings liability unless the commissioner shall after investigation have issued written approval.
Laws, 1977, ch. 445, § 46; reenacted, Laws, 1982, ch. 301, § 79; Laws, 1990 Ex Sess, ch. 52, § 80; Laws, 1993, ch. 441, § 80; Laws, 1994, ch. 622, § 112; reenacted without change, Laws, 1997, ch. 496, § 77; reenacted without change, Laws, 2001, ch. 488, § 79, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-161 - Real estate loans to be written on approved loan plans

Real estate loans eligible for investment by an association under this chapter shall be written upon loan plans approved by the commissioner, which shall include provisions for appraisals, payments, evidences of the loans, and security instruments, and may include provisions concerning liens, payments of taxes and insurance premiums and similar charges, and advance payments of taxes and insurance premiums and similar charges.
Laws, 1977, ch. 445, § 48; reenacted, Laws, 1982, ch. 301, § 81; Laws, 1990 Ex Sess, ch. 52, § 82; Laws, 1993, ch. 441, § 82; reenacted and amended, 1994, ch. 622, § 114; reenacted without change, Laws, 1997, ch. 496, § 79; reenacted without change, Laws, 2001, ch. 488, § 81, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-163 - Borrower's right to select attorney and obtain insurance in connection with loan; rules and regulations governing fire, casualty and title insurance

In connection with a loan, the borrower may be required to pay an attorney of his choice for services performed in connection with the loan; the borrower shall not be required to pay any attorney's fee to any attorney not selected by the borrower; and the borrower shall have the right to obtain at his own expense, if such insurance would be required by the lender, fire and casualty insurance on the property offered as security, or credit life insurance, from an insurance agent of the borrower's choice. The commissioner is empowered to promulgate rules and regulations governing the filing and maintenance by the borrower with the association of fire and casualty insurance on the property offered as security, and title insurance. But the commissioner shall not authorize title insurance in any company that is not authorized to do business in the State of Mississippi.
Laws, 1977, ch. 445, § 49(1); reenacted, Laws, 1982, ch. 301, § 82; Laws, 1990 Ex Sess, ch. 52, § 83; Laws, 1993, ch. 441, § 83; reenacted and amended, Laws, 1994, ch. 622, § 115; reenacted without change, Laws, 1997, ch. 496, § 80; reenacted without change, Laws, 2001, ch. 488, § 82, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-165 - Payment of expenses in connection with closing of loan; borrower to pay only his own attorney's fee; notice of right to select attorney; right of association to require title insurance

Every association may require borrowers to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting or renewing of real estate loans as shall be authorized by the commissioner. If an attorney's fee is charged the borrower in connection with any loan, the borrower shall have the right to select an attorney of his choice to close the loan and to look after his interests in connection with the loan and the fee shall be paid to the attorney selected. It is the intention of the Legislature to insure that the borrower shall not be required to pay any attorney's fee to any attorney other than the attorney selected by the borrower to close the loan. The borrower shall be advised by the association in writing of his right to select an attorney, provided that such attorney is on an approved list of a title insurance company acceptable to the association, and authorized to do business in the State of Mississippi. Title insurance is used herein as a criterion for qualifications of attorneys only, and nothing in this chapter shall be construed as requiring any association to require a borrower to secure a title insurance policy in addition to the regular attorney's certification of title. However, an association may, if it desires, require title insurance policies on loans, but if policies are required from one (1) attorney they shall be required from all attorneys used in connection with loans under this section. No association shall discriminate as to any charges, fees or discounts, or make any different charges whatsoever between loans closed by an attorney selected or recommended by, or representing the association and loans closed by an attorney selected by the borrower under the provisions of this subsection. It is the intent of the Legislature that borrowers shall be free to select attorneys of their choice to close all loans under the authority of this paragraph, without incurring any additional charge or expense whatsoever. The commissioner shall have the authority to adopt reasonable rules and regulations to promulgate the provisions of this subsection. Any association, or any officer or employee of any such association willfully violating the provisions of this subsection shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00).
Laws, 1977, ch. 445, § 49(2); reenacted, Laws, 1982, ch. 301, § 83; Laws, 1990 Ex Sess, ch. 52, § 84; Laws, 1993, ch. 441, § 84; reenacted and amended, Laws, 1994, ch. 622, § 116; reenacted without change, Laws, 1997, ch. 496, § 81; reenacted without change, Laws, 2001, ch. 488, § 83, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-167 - Late payment charges

A late payment charge, not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency, whichever is greater, if contracted for, shall not be considered interest under the usury laws. However, no such charge shall be made unless such delinquency is more than fifteen (15) days past due.
Laws, 1977, ch. 445, § 49(3); Laws, 1981, ch. 336, § 1; reenacted and amended, Laws, 1982, ch. 301, § 84; reenacted, 1990 Ex Sess, ch. 52, § 85; Laws, 1993, ch. 441, § 85; Laws, 1994, ch. 622, § 117; Laws, 1996, ch. 400, § 24; reenacted without change, Laws, 1997, ch. 496, § 82; reenacted without change, Laws, 2001, ch. 488, § 84, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-169 - Reinstatement of loan prior to foreclosure sale

The directors of an association may, at any time before an actual sale of property on a foreclosure proceeding previously instituted by the association, reinstate a loan and any savings account securing the same. The effect of such reinstatement shall be to place the association, the borrower, and any other interested person in the same legal position as if no action had been taken, looking to such foreclosure.
Laws, 1977, ch. 445, § 50; reenacted, Laws, 1982, ch. 301, § 85; Laws, 1990 Ex Sess, ch. 52, § 86; Laws, 1993, ch. 441, § 86; Laws, 1994, ch. 622, § 118; reenacted without change, Laws, 1997, ch. 496, § 83; reenacted without change, Laws, 2001, ch. 488, § 85, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-171 - Right of association to deal with successor in interest of real estate securing loan

In the case of any investment made by an association in a real estate loan where the ownership of the real estate security or any part thereof later becomes vested in a person other than the party or parties originally executing the security instruments, unless there is an agreement in writing to the contrary, an association may, without notice to such party or parties, deal with such successor or successors in interest with reference to said mortgage and the debt thereby secured in the same manner as with such party or parties, and may forbear to sue or may extend time for payment of or otherwise modify the terms of the debt secured thereby, without discharging or in any way affecting the liability of such original party or parties thereunder or upon the debt thereby secured.
Laws, 1977, ch. 445, § 51; reenacted, Laws, 1982, ch. 301, § 86; Laws, 1990 Ex Sess, ch. 52, § 87; Laws, 1993, ch. 441, § 87; Laws, 1994, ch. 622, § 119; reenacted without change, Laws, 1997, ch. 496, § 84; reenacted without change, Laws, 2001, ch. 488, § 86, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-173 - Right to act to avoid loss

An association, with the approval of the commissioner, may operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on a loan or investment theretofore made or an obligation created in good faith.
Laws, 1977, ch. 445, § 52; reenacted, Laws, 1982, ch. 301, § 87; Laws, 1990 Ex Sess, ch. 52, § 88; Laws, 1993, ch. 441, § 88; Laws, 1994, ch. 622, § 120; reenacted without change, Laws, 1997, ch. 496, § 85; reenacted without change, Laws, 2001, ch. 488, § 87, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-176 - Branch offices; additional types of offices

No association shall, without authorization by the commissioner, establish a savings branch office, loan branch office or a loan processing office. The commissioner shall prescribe the form of the application, prerequisites and requirements for the above types of offices. If no protest is filed after notice has been given as provided in Section
81-12-29(1)
, the commissioner may approve the application for the above-described limited service branch offices if the established prerequisites and requirements are met. If protests are filed, the commissioner, upon reasonable notice to the applying association and its attorney and to the protestants and their attorneys, shall hold a hearing and, based upon his written findings at such hearing, issue a certificate of approval or disapproval.
Laws, 1982, ch. 331, § 7; reenacted, Laws, 1990 Ex Sess, ch. 52, § 90; Laws, 1993, ch. 441, § 90; Laws, 1994, ch. 622, § 122; reenacted without change, Laws, 1997, ch. 496, § 87; reenacted without change, Laws, 2001, ch. 488, § 89, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-178 - Public availability of federal evaluations of banks

(1)
The commissioner shall obtain each year from the appropriate federal financial supervisory agency or agencies the public sections of the written evaluations prepared pursuant to 12 USCS Section 2906 of the Community Reinvestment Act, as amended (12 USCS Section 2901 et seq.), of each state savings association, savings bank, and savings and loan association and each federal savings and loan association located in Mississippi, and each savings and loan holding company that controls any savings association, savings bank or savings and loan association located in Mississippi. Once each year, the commissioner shall publish in some newspaper having a general circulation in the state a statement that the public section of the written evaluation prepared pursuant to 12 USCS Section 2906 of the Community Reinvestment Act, as amended (12 USCS Section 2901 et seq.), of each such savings association, savings bank, savings and loan association and savings and loan holding company is maintained in the office of the commissioner and will be made available for inspection to any person upon request during business hours, and that copies of all or part of any evaluation will be furnished to any person upon request for a reasonable copying fee prescribed by the commissioner.
(2)
For the purposes of this section, the term "appropriate federal financial supervisory agency" shall have the same meaning as the definition in 12 USCS Section 2902.
Laws, 1993, ch. 441, § 92; reenacted, Laws, 1994, ch. 622, § 124; reenacted without change, Laws, 1997, ch. 496, § 89; reenacted without change, Laws, 2001, ch. 488, § 91, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-179 - Order of discontinuance of violation; enforcement in chancery court

If the commissioner, as a result of any examination or from any report made to him, shall find that any association is violating the provisions of its certificate of incorporation or bylaws, or the laws of this state or of the United States, or any lawful order or regulation of the commissioner, he shall, by a formal written order delivered to the association as aforesaid, state any alleged violation, together with a statement of the facts alleged to be such violation, and order discontinuance of such violation and conformance with all requirements of law. Such order shall specify the effective date thereof, which may be immediate or may be at a later date, and such order shall remain in effect until withdrawn by the commissioner or until terminated by a court order. Such order of the commissioner, upon application made on or after the effective date thereof by the commissioner to the chancery court in the county in which the home office of the association is located, shall be enforced ex parte and without notice by an order to comply entered by the court. Such proceedings shall be given precedence over all cases pending in such court, and shall in every way be expedited. Any association affected by such order of the commissioner shall, after receipt thereof, have the right to apply within thirty (30) days to any such court for an immediate hearing and order suspending the order of the commissioner upon such conditions as may be prescribed by the court until such time as the hearing has been completed. The hearing of such application to the court shall be upon such notice to the commissioner as the court shall provide. Whether upon application by the commissioner or by the association, such court shall have power to and shall adjudicate the question and enter the proper order or orders and enforce the same.
Laws, 1977, ch. 445, § 55(1); reenacted, Laws, 1982, ch. 301, § 90; Laws, 1990 Ex Sess, ch. 52, § 92; Laws, 1993, ch. 441, § 93; reenacted and amended, Laws, 1994, ch. 622, § 125; reenacted without change, Laws, 1997, ch. 496, § 90; reenacted without change, Laws, 2001, ch. 488, § 92, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-184 - Supervisory merger

If it appears to the commissioner that it is in the best interest of the depositors of an association, the general public, and the savings association industry within this state, the commissioner is hereby granted the authority to allow a supervisory merger of an association into another association in lieu of appointing a conservator or a receiver under the provisions of Section
81-12-181
or
81-12-183
, provided the board of directors of each association has adopted a voluntary consent resolution authorizing a supervisory merger. The commissioner shall coordinate the supervisory merger with the appropriate federal regulatory authority.
Laws, 1983, ch. 431; reenacted, Laws, 1990 Ex Sess, ch. 52, § 95; Laws, 1993, ch. 441, § 96; reenacted and amended, Laws, 1994, ch. 622, § 128; reenacted without change, Laws, 1997, ch. 496, § 93; reenacted without change, Laws, 2001, ch. 488, § 95, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-185 - Restrictions on appointment of conservator or receiver

No appointment of a conservator shall be confirmed, and no receiver shall be appointed or private property seized, with respect to an association which is not in an impaired condition, unless the court finds that the alleged wrongdoing cannot be reasonably corrected as provided in this chapter or otherwise as provided by law without appointment of a conservator or receiver.
Laws, 1977, ch. 445, § 57; reenacted, Laws, 1982, ch. 301, § 93; Laws, 1990 Ex Sess, ch. 52, § 96; Laws, 1993, ch. 441, § 97; Laws, 1994, ch. 622, § 129; reenacted without change, Laws, 1997, ch. 496, § 94; reenacted without change, Laws, 2001, ch. 488, § 96, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-187 - Foreign associations; definition; conditions for doing business in state; injunction against foreign association doing business without approval

(1)
For the purposes of this section, the term "foreign association" shall include any person, firm, company, association, fiduciary, partnership or corporation, by whatever name called, actually engaged in the business of an association, which is not organized under the provisions of this chapter or the laws of the United States as now or hereafter amended, the principal business office of which is located outside the territorial limits of this state.
(2)
No foreign association shall do any business of an association within this state or maintain an office in this state for the purpose of doing such business unless an application is made and approval granted as provided herein for the charter of domestic associations. No foreign association shall be granted permission to do business in this state, except upon the same terms, provisions, requirements and conditions as the laws of the state in which the foreign association is incorporated require of a Mississippi association desiring to do business under the laws of the state in which such foreign corporation is organized and created.
(3)
The commissioner shall conduct a complete investigation of the applicant at its expense.
(4)
The commissioner shall examine and supervise all foreign associations doing any such business in this state in the same manner as he examines and supervises associations of this state, and they shall pay the supervision and examination fee imposed by Section
81-12-193
, plus any additional costs as determined by the commissioner. The commissioner in his discretion may rely upon such official examinations, public and private audits, and copies of reports which are supplied to him.
(5)
The commissioner hereby is authorized, empowered and directed to obtain an injunction or to take any other action necessary to prevent any foreign association from doing any business of an association in this state without approval.
Laws, 1977, ch. 445, § 58(1-5); reenacted, Laws, 1982, ch. 301, § 94; Laws, 1990 Ex Sess, ch. 52, § 97; Laws, 1993, ch. 441, § 98; Laws, 1994, ch. 622, § 130; reenacted without change, Laws, 1997, ch. 496, § 95; reenacted without change, Laws, 2001, ch. 488, § 97, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-191 - Federal associations domiciled in state

Federal savings associations or federal savings and loan associations, domiciled in the State of Mississippi, incorporated pursuant to the laws of the United States, as now or hereafter amended, are not foreign corporations or foreign associations. Unless otherwise restricted by laws of the United States, the depositors, members and stockholders of federal associations shall possess all of the rights, privileges and benefits, duties and obligations that are now or may hereafter be provided by the laws of this state for depositors, members and stockholders of associations organized under the laws of this state; unless otherwise restricted by the laws of the United States, federal associations shall possess all of the benefits, immunities, exemptions, duties and obligations that are now or may hereafter be provided by the laws of this state for associations organized under the laws of this state. This provision is additional and supplemental to any provision which, by specific reference, is applicable to federal associations and the members thereof.
Laws, 1977, ch. 445, § 59; reenacted, Laws, 1982, ch. 301, § 96; Laws, 1990 Ex Sess, ch. 52, § 99; Laws, 1993, ch. 441, § 100; Laws, 1994, ch. 622, § 132; reenacted without change, Laws, 1997, ch. 496, § 97; reenacted without change, Laws, 2001, ch. 488, § 99, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-195 - Offering and sale of savings accounts exempt from securities regulations

The offering and sale of savings accounts of any association subject to the provisions of this chapter are hereby exempted from all provisions of law of this state which provide for the supervision and regulation of the sale of securities, and the sale of any such accounts shall be legal without any action or approval whatsoever on the part of any official authorized to license, regulate and supervise the sale of securities.
Laws, 1977, ch. 445, § 61(1); reenacted, Laws, 1982, ch. 301, § 98; Laws, 1990 Ex Sess, ch. 52, § 101; Laws, 1993, ch. 441, § 102; Laws, 1994, ch. 622, § 134; reenacted without change, Laws, 1997, ch. 496, § 99; reenacted without change, Laws, 2001, ch. 488, § 101, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-197 - Acknowledgment or proof of written instrument in which association interested; membership or employee status of public officer taking as affecting validity

No public officer qualified to take acknowledgments or proofs of written instruments shall be disqualified from taking the acknowledgment or proof of any instrument in writing in which an association is interested by reason of his membership in or employment by an association so interested, and any such acknowledgments or proofs heretofore taken are hereby validated.
Laws, 1977, ch. 445, § 61(2); reenacted, Laws, 1982, ch. 301, § 99; Laws, 1990 Ex Sess, ch. 52, § 102; Laws, 1993, ch. 441, § 103; Laws, 1994, ch. 622, § 135; reenacted without change, Laws, 1997, ch. 496, § 100; reenacted without change, Laws, 2001, ch. 488, § 102, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-199 - Untrue, false and malicious statements calculated to injure reputation or business of certain savings associations; penalty for making

Whoever willfully and knowingly makes, issues, circulates, transmits or causes to be made any statement, written, printed, reproduced in any manner, or by word of mouth, which is untrue in fact and is directly false and malicious in that it is calculated to injure the reputation or business of any association, federal association, federal home loan bank, the appropriate federal regulatory authority, or the Federal Deposit Insurance Corporation, shall upon conviction be fined not more than One Thousand Dollars ($1,000.00) or imprisoned for not more than one (1) year, or both.
Laws, 1977, ch. 445, § 61(3); reenacted, Laws, 1982, ch. 301, § 100; Laws, 1990 Ex Sess, ch. 52, § 103; Laws, 1993, ch. 441, § 104; reenacted and amended, Laws, 1994, ch. 622, § 136; reenacted without change, Laws, 1997, ch. 496, § 101; reenacted without change, Laws, 2001, ch. 488, § 103, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-201 - Advertising for deposits prohibited; exception as to certain state and federal banks, credit unions and associations

From and after July 1, 1977, no person, whether or not incorporated, other than a bank or credit union organized under the laws of this state or of the United States, or an association organized under the laws of this state or of the United States, shall advertise by newspaper, radio, television, or other commercial media for deposits of money from the public. The commissioner shall have authority to enforce this prohibition by injunctive relief in the chancery court in which any such person may be a resident or domiciled.
Laws, 1977, ch. 445, § 62; reenacted, Laws, 1982, ch. 301, § 101; Laws, 1990 Ex Sess, ch. 52, § 104; Laws, 1993, ch. 441, § 105; Laws, 1994, ch. 622, § 137; reenacted without change, Laws, 1997, ch. 496, § 102; reenacted without change, Laws, 2001, ch. 488, § 104, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-203 - Applicability of chapter to previously incorporated savings associations; enforceability of obligations of such associations

(1)
The name, rights, powers, privileges and immunities of every savings association heretofore incorporated in this state shall be governed by the provisions of this chapter to the same extent and effect as if such association had been incorporated pursuant hereto. Every such association shall possess the rights, powers, privileges and immunities and shall be subject to the duties, liabilities, disabilities and restrictions conferred and imposed by this chapter, notwithstanding anything to the contrary in its certificates of incorporation, bylaws, constitution or rules.
(2)
All obligations to any such association heretofore contracted shall be enforceable by it and in its name, and demands, claims and rights of action against any such association may be enforced against it as fully and completely as they could have been enforced heretofore.
Laws, 1977, ch. 445, § 63; reenacted, Laws, 1982, ch. 301, § 102; Laws, 1990 Ex Sess, ch. 52, § 105; Laws, 1993, ch. 441, § 106; Laws, 1994, ch. 622, § 138; reenacted without change, Laws, 1997, ch. 496, § 103; reenacted without change, Laws, 2001, ch. 488, § 105, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-207 - Solicitation of deposits by association or its representatives without complying with provisions of chapter; penalty

Where no other criminal penalty is specifically provided in this chapter, if any association or its agents, attorneys or solicitors, officers or directors, or any other person shall solicit or negotiate any deposit of money or in anywise transact any business regulated hereunder in this state without having first fully complied in good faith with the provisions of this chapter, such association and any such person, upon conviction, shall be punished by a fine of not more than Five Thousand Dollars ($5,000.00) or imprisonment for not more than five (5) years, or both.
Laws, 1977, ch. 445, § 65; reenacted, Laws, 1982, ch. 301, § 104; Laws, 1990 Ex Sess, ch. 52, § 107; Laws, 1993, ch. 441, § 108; Laws, 1994, ch. 622, § 140; reenacted without change, Laws, 1997, ch. 496, § 105; reenacted without change, Laws, 2001, ch. 488, § 107, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-209 - [Repealed]

Repealed by Laws, 2001, ch. 488, § 108, eff. 7/1/2001.
Laws, 1979, ch. 301, § 52; Laws, 1982, ch. 301, § 105; Laws, 1990 Ex Sess, ch. 52, § 108; Laws, 1993, ch. 441, § 109; Laws, 1994, ch. 622, § 141; Laws, 1997, ch. 496, § 106, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-211 - Unsafe or unfair practice; notice of charges

(1)
If any person or association is engaging in, or has engaged in, or is about to engage in, any unsafe or unsound practice, or unfair and discriminatory practice, in conducting the association's business, or violation of any other law, rule, regulation, order or condition imposed in writing by the commissioner, the commissioner may issue a notice of charges to such person or institution. A notice of charges shall specify the acts alleged to sustain a cease and desist order, and state the time and place at which a hearing shall be held. A hearing before the commissioner on the charges shall be held no earlier than seven (7) days, and no later than fifteen (15) days, after issuance of the notice. The charged institution is entitled to a further extension of seven (7) days upon filing a request with the commissioner. The commissioner may also issue a notice of charges if he has reasonable grounds to believe that any person or association is about to engage in any unsafe or unsound business practice, or any violation of this chapter, or any other law, rule, regulation or order. If, by a preponderance of the evidence, it is shown that any person or association is engaged in, or has been engaged in, or is about to engage in, any unsafe or unsound business practice, or unfair and discriminatory practice or any violation of this chapter, or any other law, rule, regulation or order, a cease and desist order shall be issued which shall be permanently binding upon the person or institution until terminated by the commissioner.
(2)
If any person or association is engaging in, has engaged in, or is about to engage in any unsafe or unsound practice, or unfair and discriminatory practice, in conducting the association's business, or any violation of any law, rules, regulation, order or condition imposed in writing by the commissioner, and the commissioner has determined that immediate corrective action is required, the commissioner may issue a temporary cease and desist order without prior notice. A temporary cease and desist order shall be effective immediately upon issuance for a period of fifteen (15) days, and may be extended once for a period of fifteen (15) days. Such an order shall state its duration on its face and the words "Temporary Cease and Desist Order." A hearing before the commissioner shall be held within the time that the order remains effective, at which time a temporary order may be dissolved or made permanent.
Laws, 1996, ch. 400, § 9; brought forward, Laws, 1997, ch. 496, § 107, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-213 - Association in violation of provisions or cease and desist order; civil penalty

(1)
Except as otherwise provided in this chapter, any association which is found to have violated any provision of this chapter may be ordered to pay a civil penalty not to exceed Twenty Thousand Dollars ($20,000.00). Any association which is found to have violated or failed to comply with any cease and desist order issued under the authority of this chapter may be ordered to pay a civil penalty not to exceed Twenty Thousand Dollars ($20,000.00) for each day that the violation or failure to comply continues.
(2)
To enforce the provisions of this section, the commissioner is authorized to assess such penalty and to appear in a court of competent jurisdiction and to move the court to order payment of the penalty. Prior to the assessment of the penalty, a hearing shall be held by the commissioner.
(3)
Nothing in this section shall prevent anyone damaged by an association from bringing a separate cause of action in a court of competent jurisdiction.
Laws, 1996, ch. 400, § 10; brought forward, Laws, 1997, ch. 496, § 108, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-215 - Director, officer or employee violation of provisions or cease and desist order; civil penalty

(1)
Any person, whether a director, officer or employee, who is found to have violated any provision of this chapter, whether willfully, or as a result of gross negligence, gross incompetency or recklessness, may be ordered to pay a civil penalty not to exceed Five Thousand Dollars ($5,000.00) per violation. Any person who is found to have violated or failed to comply with any cease and desist order issued under the authority of this chapter may be ordered to pay a civil penalty not to exceed Five Thousand Dollars ($5,000.00) per violation for each day that the violation or failure to comply continues.
(2)
To enforce the provisions of this section, the commissioner is authorized to assess such penalty, to appear in a court of competent jurisdiction and to move the court to order payment of the penalty. Prior to the assessment of the penalty, a hearing shall be held by the commissioner.
(3)
Nothing in this section shall prevent anyone damaged by a director, officer or employee of an association from bringing a separate cause of action in a court of competent jurisdiction.
Laws, 1996, ch. 400, § 11; brought forward, Laws, 1997, ch. 496, § 109, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-217 - Commissioner to issue supervisory control for association

(1)
Whenever the commissioner determines that a solvent association is conducting its business in an unsafe or unsound manner, or in any fashion which threatens the financial integrity or sound operation of the association, the commissioner may serve a notice of charges on the association, requiring it to show why it should not be placed under supervisory control. Such notice of charges shall specify the grounds for supervisory control, and set the time and place for a hearing. A hearing before the commissioner pursuant to such notice shall be held within fifteen (15) days after issuance of the notice of charges.
(2)
If, after the hearing provided above, the commissioner determines that supervisory control of the association is necessary to protect the association's members, customers, stockholders or creditors, or the general public, the commissioner shall issue an order taking supervisory control of the association.
(3)
If the order taking supervisory control becomes final, the commissioner may appoint an agent to supervise and monitor the operations of the association during the period of supervisory control. During the period of supervisory control, the association shall act in accordance with such instructions as may be given by the commissioner, directly or through his supervisory agent, and shall not fail to act, except when to do so would violate an outstanding cease and desist order.
(4)
Within one hundred eighty (180) days of the date the order taking supervisory control becomes final, the commissioner shall issue an order approving a plan for the termination of supervisory control. The plan may provide for:
(a)
The issuance by the association of capital stock;
(b)
The appointment of one or more officers and/or directors;
(c)
The reorganization, merger or consolidation of the association;
(d)
The dissolution and liquidation of the association;
(e)
Other such measures as determined by the commissioner.
The order approving the plan shall not take effect until thirty (30) days after issuance during which time period an appeal may be filed in accordance with the provisions of Section
81-12-205
.
(5)
All costs of this proceeding shall be paid by the association.
(6)
For the purpose of this section, an order shall be deemed final if:
(a)
No appeal is filed within the specific time allowed for the appeal; or
(b)
All judicial appeals are exhausted.
(7)
If an association is insolvent, the provisions of Section
81-12-183
shall apply.
Laws, 1996, ch. 400, § 12; brought forward, Laws, 1997, ch. 496, § 110, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-219 - Appeal of cease and desist order

Any person or association against whom a cease and desist order is issued or a fine is imposed may have such order or fine reviewed by a court of competent jurisdiction. Except as otherwise provided, an appeal may be made only within thirty (30) days of the issuance of the order or the imposition of the fine, whichever is later.
Laws, 1996, ch. 400, § 13; brought forward, Laws, 1997, ch. 496, § 111, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-221 - Reimbursement of fines or penalties

No person who is fined or penalized for a violation of any criminal provision of this chapter shall be reimbursed or indemnified in any fashion by the association for such fine or penalty.
Laws, 1996, ch. 400, § 14; brought forward, Laws, 1997, ch. 496, § 112, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-223 - Cumulative fines and penalties

All penalties, fines and remedies provided by this chapter shall be cumulative.
Laws, 1996, ch. 400, § 15; brought forward, Laws, 1997, ch. 496, § 113, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-225 - Credit allowed; discretion of commissioner

In all examinations no association shall be allowed credit in excess of its sound value for a note or security of which the principal and interest is over twelve (12) months past due; nor for any bond in excess of the real value thereof; nor for any stock of its own held more than twelve (12) months; nor for any unsecured overdrafts that may have existed for a greater period than thirty (30) days next preceding it, except that the period shall be ninety (90) days for unsecured overdrafts upon which interest is being charged if the association has a written policy authorizing such overdrafts for not more than ninety (90) days. Only such overdrafts shall be considered as secure as are advanced against products or actual existing values evidenced by warehouse receipts or bills of lading, against bills of exchange drawn in good faith against actual existing values, or against funds on deposit by the depositor whose account is overdrawn, and who has pledged those funds as security for such overdraft, and in making up the statement of the condition of such association any such item shall be charged off (but if desired a note shall be appended giving details thereof). But the discretion of the commissioner or examiner may be exercised in cases of estates in litigation or administration, and in pending suits, if the security affected thereby is ample, in the opinion of the commissioner or examiner making such examination.
Laws, 1996, ch. 400, § 27; brought forward, Laws, 1997, ch. 496, § 114, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-227 - Amount of liability to association for loans

The liability to an association by a person, company, corporation or firm for money loaned, including in the liability of such person, company or firm, where a partnership, the liabilities of the several members thereof, shall not exceed twenty percent (20%) of the aggregate unimpaired capital and unimpaired surplus of said association.
The following shall not be restricted to or considered as coming within the limitations of twenty percent (20%) herein prescribed:
(a)
Loans and discounts secured by warehouse receipts or shippers' order bills of lading representing actual existing values, provided the amount of such loans and discounts shall not exceed eighty-five percent (85%) of the market value of the commodities representing the actual existing values.
(b)
Loans and discounts secured by bonds, certificates or notes constituting direct obligations of the United States government, or bonds fully guaranteed by the United States government, or by full faith and credit obligations of the State of Mississippi; provided, however, the commissioner shall from time to time determine and fix the maximum percentage of the par value of all such securities that may be loaned.
(c)
Loans and discounts to the extent that they are secured or covered by guaranties, or by commitments, or agreements to take over or purchase the same, made by any federal reserve bank, or by the United States, or any department, bureau, board, commission or establishment of the United States, including any corporation wholly owned directly or indirectly by the United States; provided that such guaranties, agreements or commitments are unconditional and are to be performed by payment within sixty (60) days after demand; provided, further, that the commissioner is hereby authorized to define the terms herein used and may by regulation control the making of loans under this paragraph (c).
(d)
Loans and discounts secured in full by funds on deposit in time or savings accounts with the lending bank to the credit of the borrower.
Any officer or director who shall approve or make loans prohibited in this section shall be liable individually for the full amount of the principal and interest of any such loan. If the commissioner shall discover, in any examination of any open bank that there is a loss on any loan made in violation of this section, he shall make demand of all directors and officers approving or making such loan for payment of the entire unpaid balance on any such loan.
Like demand shall be made and suit brought by the receiver of any bank in liquidation. Provided, however, this section shall not apply to loans to the State of Mississippi, or to any political subdivision thereof, nor to any levee district.
Laws, 1996, ch. 400, § 28; brought forward, Laws, 1997, ch. 496, § 115, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-229 - Commissioner to furnish copy of call reports; fee; failure or refusal; misdemeanor

A copy of the call reports of any association shall be furnished to any person or corporation requesting the same for a reasonable fee prescribed by the commissioner, which shall be collected by the commissioner and shall be paid into the department maintenance fund. If the commissioner fails or refuses to furnish copies of the report when so requested and tendered the proper fee; or if he fails to account for any such fees received by him; or if any person other than the commissioner, deputy commissioner, an examiner, or assistant furnishes any copy of such association report to anyone, whether for a consideration or without consideration, such person shall be guilty of a misdemeanor and shall be fined not less than Fifty Dollars ($50.00) or be imprisoned not more than one (1) month in the county jail, or both. However, this section shall not be construed to prevent any officer of the association from furnishing to anyone a statement of such association.
Laws, 1996, ch. 400, § 29; brought forward, Laws, 1997, ch. 496, § 116, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-2 - [Repealed]

Repealed by Laws of 1987, ch. 381, § 25, eff. 7/1/1987.
Laws, 1979, ch. 307, § 2; 1980, ch 312, § 36; reenacted, Laws, 1982, ch. 304, § 2.