reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-11 - [Repealed Effective 7/1/2026] Requirement for written agreement

(1)
Written agreement. A debt management service provider may not perform debt management services for a consumer unless the consumer and the debt management service provider first have executed a written agreement with regard to the debt management services to be provided. A copy of the completed agreement must be given to the consumer.
(2)
Required provisions.
Each agreement between a consumer and a debt management service provider must be dated and signed by the consumer and must include the following:
(a)
The name and address of the consumer and the debt management service provider;
(b)
A full description of the services to be performed for the consumer, any fees to be charged to the consumer for those services and any contributions, fees or charges the consumer has agreed to make or pay to the debt management service provider;
(c)
Disclosure of the existence of the surety bond on file with the commissioner under Section
81-22-7
and a notice that the consumer may contact the Department of Banking and Consumer Finance at P.O. Box 23729, Jackson, MS 39225-3729 or 1-800-844-2499 with any questions or complaints regarding the debt management service provider;
(d)
The identification of the federally insured institution where funds remitted by a consumer for payment to one or more creditors will be held;
(e)
The right of a party to cancel the agreement by providing a written notice of cancellation to the other party;
(f)
A complete list of the consumer's obligations that are subject to the agreement and the names and addresses of the creditors holding those obligations;
(g)
A full description and schedule of the periodic amounts to be remitted to the debt management service provider for payment to the consumer's creditor or creditors and the amounts to be remitted to each creditor;
(h)
A notice to the consumer that by executing the agreement the consumer authorizes the federally insured institution to disclose financial records relating to the escrow account in which the consumer's funds are held under Section
81-22-9
to the commissioner during the course of any examination of the debt management service provider by the commissioner; and
(i)
The following notice:
NOTICE TO CONSUMER: Do not sign this agreement before you read it. You must be given a copy of this agreement.
Laws, 2003, ch. 465, § 6; reenacted and amended, Laws, 2006, ch. 398, § 6; reenacted without change, Laws, 2010, ch. 396, § 6, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 6, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 6, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 6, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 6, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 6, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-13 - [Repealed Effective 7/1/2026] Fees charged to the consumer

A debt service management provider may only charge a consumer the following fees for providing debt management services:
(a)
A maintenance fee not to exceed Thirty Dollars ($30.00) per month after a consumer has received a free initial counseling session;
(b)
A one-time setup fee not to exceed Seventy-five Dollars ($75.00);
(c)
A fee for obtaining the consumer's credit report not to exceed Fifteen Dollars ($15.00) for an individual report or Twenty-five Dollars ($25.00) for a joint report;
(d)
A fee not to exceed Fifty Dollars ($50.00) for educational courses/products that will assist the consumer in achieving financial stability. Products shall be educational in nature and may include, but not be limited to, the following topics: Home Buyer Education, Financial Literacy Education, and Credit Report Review. However, the consumer must be informed that those courses and products are not a mandatory condition to receive debt management services; and
(e)
A bankruptcy consultation fee, not to exceed Fifty Dollars ($50.00) per consumer, may be charged by nonprofit credit counseling agencies approved by the U.S. Trustees pursuant to
11 USC Section 111
.
Laws, 2003, ch. 465, § 7; reenacted and amended, Laws, 2006, ch. 398, § 7; reenacted and amended, Laws, 2010, ch. 396, § 7, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 7, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 7, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 7, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 7, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 7, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-15 - [Repealed Effective 7/1/2026] Reports and records

(1)
Written reports to consumers.
A debt management service provider shall provide to each consumer receiving debt management services periodic written reports accounting for funds received from the consumer for payment to the consumer's creditor or creditors whose obligations are listed in the consumer's agreement with the debt management service provider and disbursements made to each such creditor on the consumer's behalf since the last report. The debt management service provider shall provide those reports to the consumer not less than once each calendar quarter.
(2)
Maintenance of records.
Any person required to be licensed under this chapter shall maintain in its offices, or such other location as the department permits, the books, accounts and records necessary for the department to determine whether or not the person is complying with the provisions of this chapter and the rules and regulations adopted by the department under this chapter. These books, accounts and records shall be maintained apart and separate from any other business in which the person is involved. A debt management service provider shall maintain books and records for each consumer for whom it provides debt management services for six (6) years following the final transaction with the consumer.
(3)
Verification of payments to creditors.
Licensees that participate in fair share contributions with creditors shall maintain records that reflect client accounts were credited for the full amount of any payments due and not the net amount as a result of a fair share contribution. Such records may consist of either a copy of the client's statement from the creditor or the licensee may send a monthly or quarterly statement to clients that reflect payments remitted to creditors.
(4)
Within fifteen (15) days of the occurrence of any of the following events, a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities on the licensee's business in this state:
(a)
The filing for bankruptcy or reorganization by the licensee;
(b)
The institution of revocation or suspension proceedings against the licensee by any state or governmental authority; or
(c)
Any felony indictment or conviction of the licensee or any of its directors or principal officers.
Laws, 2003, ch. 465, § 8; reenacted and amended, Laws, 2006, ch. 398, § 8; reenacted without change, Laws, 2010, ch. 396, § 8, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 8, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 8, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 8, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 8, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 8, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-17 - [Repealed Effective 7/1/2026] Powers and functions of commissioner

The commissioner may exercise the following powers and functions:
(a)
Complaint investigation.
The commissioner may receive and act on complaints, take action to obtain voluntary compliance with this chapter or refer cases to the Attorney General, who shall appear for and represent the commissioner in court.
(b)
Rules.
The commissioner may adopt reasonable administrative regulations, not inconsistent with law, for the enforcement of this chapter.
(c)
Examination of licensees.
To assure compliance with the provisions of this chapter, the department may examine the books and records of any licensee without notice during normal business hours. The commissioner shall charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each office or location within the State of Mississippi, plus any actual expenses incurred while examining the licensee's records or books that are located outside the State of Mississippi. However, in no event shall a licensee be examined more than once in a two-year period unless for cause shown based upon consumer complaint and/or other exigent reasons as determined by the commissioner.
(d)
Examination of nonlicensees.
The department, its designated officers and employees, or its duly authorized representatives, for the purposes of discovering violations of this chapter and for the purpose of determining whether any person or individual reasonably suspected by the commissioner of conducting business that requires a license under this chapter, may investigate those persons and individuals and examine all relevant books, records and papers employed by those persons or individuals in the transaction of business, and may summon witnesses and examine them under oath concerning matters as to the business of those persons, or other such 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.
Laws, 2003, ch. 465, § 9; reenacted and amended, Laws, 2006, ch. 398, § 9; reenacted without change, Laws, 2010, ch. 396, § 9, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 9, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 9, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 9, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 9, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 9, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-19 - [Repealed Effective 7/1/2026] Prohibited acts

A debt management service provider may not:
(a)
Purchase debt.
Purchase any debt or obligation of a consumer;
(b)
Lend money.
Lend money or provide credit to any consumer;
(c)
Mortgage interest.
Obtain a mortgage or other security interest in property of a consumer;
(d)
Debt collector.
Operate as a debt collector in this state; or
(e)
Negative amortization.
Structure an agreement for the consumer that, at the conclusion of the projected term for the consumer's participation in the debt management service agreement, would result in negative amortization of any of the consumer's obligations to creditors.
Laws, 2003, ch. 465, § 10; reenacted without change, Laws, 2006, ch. 398, § 10; reenacted without change, Laws, 2010, ch. 396, § 10, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 10, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 10, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 10, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 10, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 10, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-21 - [Repealed Effective 7/1/2026] Advertising

(1)
False advertising.
A debt management service provider may not engage in this state in false or misleading advertising concerning the terms and conditions of any services or assistance offered.
(2)
Required words.
A debt management service provider may not advertise its services in Mississippi in any media disseminated primarily in this state, whether print or electronic, without the words "Licensed Debt Management Service Provider."
(3)
Dissemination; no liability.
This section does not impose liability on the owner or personnel of any medium in which an advertisement appears or through which an advertisement is disseminated.
Laws, 2003, ch. 465, § 11; reenacted without change, Laws, 2006, ch. 398, § 11; reenacted without change, Laws, 2010, ch. 396, § 11, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 11, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 11, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 11, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 11, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 11, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-23 - [Repealed Effective 7/1/2026] Effects of violations on rights of parties

(1)
Violations; unfair, unconscionable or deceptive practices.
A debt management service provider that violates any provision of this chapter or any rule adopted by the commissioner, or that through any unfair, unconscionable or deceptive practice causes actual damage to a consumer is subject to enforcement action under subsection (2) of this section.
(2)
Enforcement actions.
The following enforcement actions may be taken by the commissioner or an aggrieved consumer against a debt management service provider for violations of any provision of this chapter or any rule adopted under this chapter, or for unfair, unconscionable or deceptive practices that cause actual damage to a consumer:
(a)
When the commissioner has reasonable cause to believe that a person is violating any provision of this chapter, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this chapter, may enter an order requiring the person to stop or to refrain from the violation. The commissioner may sue in any chancery court of the state having jurisdiction and venue to enjoin the person from engaging in or continuing the violation or from doing any act in furtherance of the violation. In such an action, the court may enter an order or judgment awarding a preliminary or permanent injunction;
(b)
The commissioner may, after notice and hearing, impose a civil penalty against any licensee if the licensee, individual required to be registered, or employee is adjudged by the commissioner to be in violation of the provisions of this chapter. The civil penalty shall not exceed Five Hundred Dollars ($500.00) per violation and shall be deposited into the Consumer Finance Fund of the department;
(c)
The state may enforce its rights under the surety bond as required in Section
81-22-7
as an available remedy for the collection of any civil penalties, criminal fines or costs of investigation and/or prosecution incurred;
(d)
A civil action by an aggrieved consumer in which that consumer has the right to recover actual damages from the debt management service provider in an amount determined by the court plus costs of the action together with reasonable attorney's fees; or
(e)
Revocation, suspension or nonrenewal of the debt management service provider's license under Section
81-22-25
.
Laws, 2003, ch. 465, § 12; reenacted and amended, Laws, 2006, ch. 398, § 12; reenacted without change, Laws, 2010, ch. 396, § 12, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 12, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 12, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 12, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 12, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 12, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-25 - [Repealed Effective 7/1/2026] Suspension or revocation of registration

(1)
Suspension or revocation.
After notice and hearing, the commissioner may suspend or revoke a debt management service provider's license if the commissioner finds that one of the conditions of subsection (2) of this section is met.
(2)
Conditions for suspension or revocation.
The following conditions are grounds for suspension or revocation of a registration:
(a)
A fact or condition exists that, if it had existed at the time when the licensee applied for a license, would have been grounds for denying the application;
(b)
The licensee knowingly violates a material provision of this chapter or rule or order validly adopted by the commissioner under authority of this chapter;
(c)
The licensee is insolvent;
(d)
The licensee refuses to permit the commissioner to make an examination authorized by this chapter; or
(e)
The licensee fails to respond within a reasonable time and in an appropriate manner to communications from the commissioner.
Laws, 2003, ch. 465, § 13; reenacted without change, Laws, 2006, ch. 398, § 13; reenacted without change, Laws, 2010, ch. 396, § 13, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 13, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 13, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 13, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 13, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 13, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-27 - [Repealed Effective 7/1/2026] Commissioner authorized to hire additional full-time employees

The commissioner may employ the necessary full-time employees above the number of permanent full-time employees authorized for the department for the fiscal year 2003, to carry out and enforce the provisions of this chapter. The commissioner also may expend the necessary funds and equip and provide necessary travel expenses for those employees.
Laws, 2003, ch. 465, § 14; reenacted without change, Laws, 2006, ch. 398, § 14; reenacted without change, Laws, 2010, ch. 396, § 14, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 14, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 14, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 14, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 14, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 14, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-29 - [Repealed]

Repealed by Laws of 2006, ch. 398, § 18, eff. 7/1/2006.
Laws, 2003, ch. 465, § 15, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-31 - Repeal of Sections 81-22-1 through 81-22-28

Sections
81-22-1
through
81-22-28
, Mississippi Code of 1972, shall stand repealed on July 1, 2026.
Laws, 2006, ch. 398, § 16; reenacted and amended, Laws, 2010, ch. 396, § 16, eff. 7/1/2010.
Amended by Laws, 2022, ch. 312, HB 687,§ 16, eff. 7/1/2022.
Amended by Laws, 2019, ch. 323, HB 800,§ 16, eff. 7/1/2019.
Amended by Laws, 2016, ch. 345, HB 470, 16, eff. 7/1/2016.
Amended by Laws, 2015, ch. 325, HB 1401, 16, eff. 7/1/2015.
Amended by Laws, 2013, ch. 348, SB 2557, 16, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-1 - Short title

This chapter shall be known and may be cited as the "Interstate Bank Branching Act."
Laws, 1996, ch. 441, § 2, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-3 - Intent

It is the intent of this chapter to permit interstate bank branching under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this chapter.
Laws, 1996, ch. 441, § 3, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-7 - Provisions

(1)
In accordance with the provision of this chapter, a Mississippi bank may enter into an interstate branching transaction, or other exercise, the result of which the Mississippi bank, or the resulting Mississippi bank, establishes, maintains or operates one or more branches in a state other than the State of Mississippi.
(2)
In accordance with the provisions of this chapter, one or more Mississippi banks may enter into an interstate branching transaction with one or more out-of-state banks, and an out-of-state bank resulting from such transaction may maintain and operate, as branches of the out-of-state bank, the branches in the State of Mississippi of a Mississippi bank that participated in such transaction.
Laws, 1996, ch. 441, § 5, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-9 - Restrictions

(1)
An interstate branching transaction shall not be permitted under this chapter if, upon consummation of such transaction, the resulting bank would control in excess of twenty-five percent (25%) of the total deposits of all offices located in the State of Mississippi of commercial banks, savings banks, savings and loan associations and credit unions in the State of Mississippi, as determined according to Section
81-7-8
.
(2)
An interstate branching transaction resulting in:
(a)
The acquisition by an out-of-state bank of a Mississippi bank,
(b)
The acquisition of all or substantially all of the assets (including all or substantially all of the branches) of a Mississippi bank, or
(c)
The merger or consolidation of a Mississippi bank with or into another bank shall not be permitted unless such Mississippi bank has been in continuous operation as a state or federally chartered bank, savings bank or savings association for at least its previous five (5) years of existence, as determined according to Section
81-7-8
, or is defined as a banker's bank according to Section
81-8-1
. However, any state or federally chartered banker's bank that has been merged or consolidated with or into another bank as provided in this subsection shall remain a banker's bank for a period of not less than five (5) years after the date of merger or consolidation.
(3)
In the sale of any insolvent bank made pursuant to the provisions of Chapter 9, Title 81, Mississippi Code of 1972, or pursuant to federal banking laws, the restrictions contained in subsections (1) and (2) of this section shall not apply to prevent the acquisition of such insolvent bank by another bank; and, additionally, neither restriction shall apply to prohibit any purchasing bank from retaining any established branches of the insolvent bank which the purchasing bank would otherwise be prohibited from establishing.
Laws, 1996, ch. 441, § 6; Laws, 2000, ch. 325, § 3, eff. 7/1/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-11 - Filing of application; criteria for approval

Not later than the date on which the required application is filed with the responsible federal bank supervisory agency, a Mississippi state bank seeking to establish one or more branches in a state other than the State of Mississippi pursuant to an interstate branching transaction, or other exercise, shall file an application on a form prescribed by the commissioner and pay the fee prescribed by the commissioner. The applicant Mississippi state bank shall also comply with any other applicable Mississippi statutes. If the commissioner finds that:
(a)
The proposed transaction will not be detrimental to the safety and soundness of the applicant,
(b)
Any new officers and directors of the applicant or the resulting bank are qualified by character, experience, and financial responsibility to direct and manage the bank, and
(c)
The proposed transaction is consistent with the convenience and needs of the communities to be served by the applicant or the resulting bank in the State of Mississippi and is otherwise in the public interest, the commissioner shall approve the transaction and the operation of branches outside of the State of Mississippi by the applicant or the resulting bank. Such a transaction may be consummated only after the applicant or the resulting bank has received the commissioner's written approval.
Laws, 1996, ch. 441, § 7, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-13 - Requirements for out-of-state state banks

Any out-of-state state bank that will be the resulting bank pursuant to an interstate branching transaction involving a Mississippi state bank shall notify the commissioner of the proposed transaction not later than the date on which it files an application for an interstate branching transaction with the responsible federal bank supervisory agency, and shall submit a copy of that application to the commissioner and pay the filing fee, if any, required by the commissioner. Any Mississippi bank which is a party to such interstate branching transaction shall comply with all other applicable state and federal laws.
Laws, 1996, ch. 441, § 8, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-15 - Permissible activities

(1)
An out-of-state bank which establishes and maintains one or more branches in the State of Mississippi under this chapter may conduct any activities at such branch or branches that are authorized under the laws of the State of Mississippi for Mississippi state banks.
(2)
A Mississippi state bank may conduct any activities at any branch outside the State of Mississippi that are permissible for a bank chartered by the host state where the branch is located.
(3)
An out-of-state bank that has established a branch in the State of Mississippi under this chapter may establish or acquire additional branches in the State of Mississippi to the same extent that any Mississippi bank may establish or acquire a branch in the State of Mississippi under applicable federal and state law.
Laws, 1996, ch. 441, § 9, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-19 - Violation by out-of-state state bank; authority of commissioner to take enforcement action

If the commissioner determines that a branch maintained by an out-of-state state bank in the State of Mississippi is being operated in violation of any provision of the laws of the State of Mississippi, or that such branch is being operated in an unsafe and unsound manner, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the branch were a Mississippi state bank; however, the commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
Laws, 1996, ch. 441, § 11, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-21 - Power of commissioner to promulgate regulations

The commissioner may promulgate such regulations as he or she determines to be necessary or appropriate in order to implement the provisions of this chapter.
Laws, 1996, ch. 441, § 12, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-23 - Change in control requirement for out-of-state state banks

Each out-of-state state bank that has established and maintains a branch in the State of Mississippi pursuant to this chapter, shall give at least thirty (30) days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the commissioner of any merger, consolidation, or other transaction that would cause a change of control with respect to such bank or any bank holding company that controls such bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 USCS 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 USCS 1841 et seq., or any successor statutes thereto.
Laws, 1996, ch. 441, § 13, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 23 - INTERSTATE BANK BRANCHING (§§ 81-23-1 — 81-23-25) › Section 81-23-25 - Application in case of judicial finding of invalidity

If any provision of this chapter or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as to any bank, bank holding company, foreign bank or other person or circumstances, or to be superseded by federal law, the remaining provisions hereof shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstance.
Laws, 1996, ch. 441, § 14, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 1 - GENERAL (§§ 81-25-1 — 81-25-7) › Section 81-25-1 - Short title; intention

(1)
This chapter shall be known and may be cited as the "Mississippi International Banking Act."
(2)
This chapter is intended generally to provide for state regulation of the participation by foreign banks in the financial markets of the State of Mississippi.
(3)
Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this chapter is intended specifically:
(a)
To authorize direct offices of foreign banks in the State of Mississippi in the form of branches, agency offices and representative offices;
(b)
To authorize branch and agency banking activities and operations, under Mississippi licenses issued by the commissioner, in the State of Mississippi of foreign banks, generally under terms and conditions not less favorable than the terms and conditions under which such activities and operations may be conducted by federal branch or agency offices of foreign banks in the United States, and to set forth a statutory framework for the licensing, regulation and supervision of such state-licensed offices of foreign banks by the Commissioner to assure the safe and sound operation of such offices that are licensed under the laws of the State of Mississippi;
(c)
To authorize representative offices in the State of Mississippi of foreign banks, and to set forth statutory provisions governing the licensing and supervision of such offices by the commissioner; and
(d)
To ensure that the banking laws and regulations of the State of Mississippi otherwise apply to foreign banks, and to Mississippi and out-of-state banks and bank holding companies that are owned or controlled by foreign banks, in a manner consistent with the laws and policies of the United States governing the operations in this country of foreign banks.
Laws, 1996, ch. 441, § 18, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 1 - GENERAL (§§ 81-25-1 — 81-25-7) › Section 81-25-5 - Authority of commissioner to issue rules, regulations and orders

The commissioner is authorized and empowered to issue such rules, regulations and orders as the commissioner may deem necessary in order to perform his or her duties and functions under this chapter and to administer and carry out the provisions and purposes of this chapter and to prevent evasions thereof.
Laws, 1996, ch. 441, § 20, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 1 - GENERAL (§§ 81-25-1 — 81-25-7) › Section 81-25-7 - Application in case of judicial finding of invalidity

If any provision of this chapter or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as to any bank, bank holding company, foreign bank, or other person or circumstances, or to be superseded by federal law, the remaining provisions hereof shall not be affected and shall continue to apply to any bank, bank holding company, foreign bank, or other person or circumstances.
Laws, 1996, ch. 441, § 21, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 3 - DOMESTIC BANKS OWNED OR CONTROLLED BY FOREIGN BANKS AND OTHER FOREIGN PERSONS (§§ 81-25-51 — 81-25-53) › Section 81-25-51 - Intention

This article is generally intended to ensure that the laws and regulations of the State of Mississippi applicable to the ownership and operations of Mississippi banks, and interstate branches in this state of out-of-state banks, do not discriminate against such banks that are owned or controlled by foreign banks or other foreign persons in a manner inconsistent with the provisions of Section 3(d) of the Bank Holding Company Act (12 USCS 1842(d)), as amended effective September 29, 1995, by Section 101 of the Interstate Banking and Branching Efficiency Act, or with other laws and policies of the United States.
Laws, 1996, ch. 441, § 22, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 3 - DOMESTIC BANKS OWNED OR CONTROLLED BY FOREIGN BANKS AND OTHER FOREIGN PERSONS (§§ 81-25-51 — 81-25-53) › Section 81-25-53 - Prohibition against discrimination

(1)
Except as provided in subsection (2) of this section:
(a)
The laws and regulations of the State of Mississippi governing the acquisition or ownership of controlling or other interests in Mississippi banks or in out-of-state banks seeking to establish and maintain one or more interstate branches in the State of Mississippi shall not generally prohibit ownership of such institutions by, or otherwise discriminate against, foreign banks or other foreign persons, notwithstanding any provision of the laws or regulations of the State of Mississippi to the contrary;
(b)
The laws and regulations of the State of Mississippi governing the powers and activities of Mississippi banks and of out-of-state banks maintaining one or more interstate branches in the State of Mississippi shall not discriminate among such banks on the basis of their ownership or control by foreign banks or other foreign persons, notwithstanding any provision of the laws or regulations of the State of Mississippi to the contrary.
(2)
Notwithstanding the provisions of subsection (1), the commissioner is authorized to apply any standards or requirements of the laws and regulations of the State of Mississippi governing the ownership, control or operations of Mississippi banks, even if applicable specifically or exclusively to foreign banks or other foreign persons, to the extent such standards or requirements are determined by regulation or order of the commissioner to be either:
(a)
Substantially equivalent to or consistent with the standards or requirements governing the ownership, control or operations of Mississippi banks by foreign banks or other foreign persons under applicable U.S. federal laws or regulations, or
(b)
otherwise consistent with the laws and policies of the United States, including its international agreements governing financial services.
Laws, 1996, ch. 441, § 23, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-101 - Intention

Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this article is intended:
(a)
To authorize banking activities and operations, under Mississippi licenses issued by the commissioner, of branch and agency offices in the State of Mississippi of foreign banks, generally under terms and conditions not less favorable than the terms and conditions under which such activities and operations may be conducted by federal branch or agency offices of foreign banks in the United States, and to set forth a statutory framework for the licensing, regulation and supervision of such Mississippi-licensed offices of foreign banks by the commissioner to assure the safe and sound operation of such offices that are licensed under the laws of the State of Mississippi; and
(b)
To authorize representative offices in the State of Mississippi of foreign banks, and to set forth statutory provisions governing the licensing and supervision of such offices by the commissioner.
Laws, 1996, ch. 441, § 24, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-103 - Prohibited transactions

(1)
No foreign bank shall transact business in the State of Mississippi except at a Mississippi state branch or Mississippi state agency which it is licensed to establish and maintain pursuant to, and at which it conducts such activities as are permitted by, this chapter.
(2)
Subsection (1) shall not be deemed to prohibit:
(a)
Any foreign bank which establishes and maintains a federal agency or federal branch in the State of Mississippi from transacting at such federal agency or federal branch such business as it may be authorized to transact under applicable federal laws and regulations or from exercising any right otherwise extended to it under applicable federal law or regulation;
(b)
Any foreign bank which does not maintain a Mississippi state branch or Mississippi state agency from making in the State of Mississippi loans secured by liens on real or personal property located in the State of Mississippi or enforcing such loans in the State of Mississippi;
(c)
Any foreign bank which does not maintain a Mississippi branch from transacting trust business in the State of Mississippi as long as the trust business is not conducted from an office or location in the State of Mississippi and is otherwise authorized by law;
(d)
Any foreign bank which maintains a Mississippi branch or agency from transacting business as agent for an affiliated depository or other institution in accordance with provisions of this chapter; or
(e)
Any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation, from establishing and operating an interstate branch in the State of Mississippi in its capacity as a "state bank" as defined in the Federal Deposit Insurance Act, pursuant to the authorities contained in that act and in the laws of the State of Mississippi.
(3)
For purposes of subsection (1), no foreign bank shall be deemed to be transacting business in the State of Mississippi merely because a subsidiary or affiliate transacts business in the State of Mississippi, including business that any depository institution subsidiary or affiliate may lawfully conduct in the State of Mississippi as an agent for the foreign bank in accordance with and to the extent authorized by the laws of the State of Mississippi and applicable regulations or orders of the commissioner.
Laws, 1996, ch. 441, § 25, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-105 - Application to procure a license

A foreign bank, in order to procure a license under this chapter to establish and maintain a Mississippi state branch or Mississippi state agency shall submit an application to the commissioner. Such application shall contain:
(a)
The same information as required by the Board of Governors of the Federal Reserve System for an application to establish a branch or agency, as the case may be, in the United States;
(b)
An instrument irrevocably appointing the commissioner or his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful judicial and administrative process in accordance with this chapter; and
(c)
Such additional information as the commissioner may require by regulation or order.
Laws, 1996, ch. 441, § 26, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-107 - Application procedures

(1)
A foreign bank making an application under this chapter for a license to establish and maintain a Mississippi state branch or Mississippi state agency shall deliver to the commissioner:
(a)
At least two (2) (or more as the commissioner may require by regulation) duplicate originals of the foreign bank's application; and
(b)
At least two (2) (or more as the commissioner may require by regulation) copies of its charter or articles of incorporation and all amendments thereto, duly authenticated by the proper officer of the country of such foreign bank's organization.
(2)
The commissioner shall issue a license to a foreign bank to establish and maintain a Mississippi state branch or Mississippi state agency if he or she finds that:
(a)
The foreign bank is of good character and sound financial standing;
(b)
The management of the foreign bank and the proposed management of the Mississippi state branch or Mississippi state agency are adequate;
(c)
The convenience and needs of persons to be served by the proposed Mississippi state branch or Mississippi state agency will be promoted; and
(d)
The foreign bank satisfies such other standards as the commissioner may establish by regulation.
(3)
If the commissioner determines to issue a license to a foreign bank to establish and maintain a Mississippi state branch or Mississippi state agency, he or she shall, when all fees have been paid as required under this chapter:
(a)
Endorse on each document filed as part of the application the word "Filed," and the date of the filing thereof and return to the foreign bank a copy of each document so endorsed;
(b)
File in his or her office one (1) of such duplicate originals of the application and copies of the charter or articles of incorporation and amendments thereto; and
(c)
Issue a license to establish and maintain a Mississippi state branch or Mississippi state agency to such foreign bank.
(4)
Each license issued to a foreign bank to establish and maintain a Mississippi state branch or Mississippi state agency shall state fully the name of the foreign bank to which such license is issued, and all such other information as the commissioner may require by regulation or order.
(5)
The commissioner may, by regulation or order, prescribe abbreviated application procedures and standards applicable to applications by foreign banks that have already established an initial Mississippi state branch or agency, subsequently to establish additional intrastate Mississippi state branches or agencies, as the case may be.
Laws, 1996, ch. 441, § 27, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-109 - Application fee

Upon applying to the commissioner under this chapter for a license to establish and maintain a Mississippi state branch or state agency, a foreign bank shall pay to the commissioner an application fee in such amount and in such manner as the commissioner shall require by regulation.
Laws, 1996, ch. 441, § 28, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-111 - License prohibitions

(1)
No foreign bank which is licensed under this chapter to establish and maintain a Mississippi state branch or Mississippi state agency shall concurrently maintain a federal branch or federal agency in the State of Mississippi.
(2)
No foreign bank which maintains a federal branch or federal agency in the State of Mississippi shall concurrently be licensed under this chapter to maintain a Mississippi state branch or Mississippi state agency.
Laws, 1996, ch. 441, § 29, eff. 5/1/1997.