reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 17 - MANUFACTURE, SALES AND DISTRIBUTION (§§ 63-17-1 — 63-17-221) › RECREATIONAL VEHICLE FRANCHISE LAW (§§ 63-17-201 — 63-17-221) › Section 63-17-217 - Coercion of dealer prohibited

(1)
A manufacturer or distributor may not coerce or attempt to coerce a dealer to:
(a)
Purchase a product that the dealer did not order;
(b)
Enter into an agreement with the manufacturer or distributor; or
(c)
Enter into an agreement that requires the dealer to submit its disputes to binding arbitration or otherwise waive rights or responsibilities provided under Sections
63-17-201
through
63-17-221
.
(2)
As used in this section, the term "coerce" includes, but is not limited to, threatening to terminate, cancel or not renew a manufacturer-dealer agreement without good cause or threatening to withhold product lines the dealer is entitled to purchase pursuant to the manufacturer-dealer agreement or delay product delivery as an inducement to amending the manufacturer-dealer agreement.
Added by Laws, 2014, ch. 532, HB 742, 9, eff. 10/1/2014.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-1 - Short title

This chapter may be cited as "The Motor Vehicle Sales Finance Law."
Codes, 1942, § 8075-23; Laws, 1958, ch. 495, § 36, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-5 - [Repealed]

Repealed by Laws 1991, ch. 319, § 1, eff. 7/1/1991.
Codes, 1942, § 8075-01; Laws, 1958, ch. 495, §§ 1-14; 1968, ch. 537, § 1; brought forward Laws, 1990, ch. 303, § 2.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-7 - Requirement of license

No person shall engage in the business of a sales finance company in this state without a license therefor as provided in this chapter. However, no bank, trust company, private banker, industrial bank or investment company authorized to do business in this state shall be required to obtain a license under this chapter. They shall, however, comply with all of the other provisions of this chapter.
Codes, 1942, § 8075-02; Laws, 1958, ch. 495, § 15, eff. 7/21/1958.
Amended by Laws, 2023, ch. 413, HB 1030,§ 5, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-9 - Application for license

The application for such license shall be in writing, under oath and in the form prescribed by the administrator. The application shall contain the name of the applicant; date of incorporation, if incorporated; the address where the business is or is to be conducted and similar information as to any branch office of the applicant; the name and resident address of the owner or partners or, if a corporation or association, of the directors, trustees and principal officers; and such other pertinent information as the administrator may require.
Codes, 1942, § 8075-03; Laws, 1958, ch. 495, § 16, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-11 - License fee

With each initial application for a license, the applicant shall pay to the commissioner at the time of making the application a license fee of Seven Hundred Fifty Dollars ($750.00), and for renewal applications, an annual renewal fee of Four Hundred Seventy-five Dollars ($475.00) for each calendar year for each place of business so operated.
Codes, 1942, § 8075-04; Laws, 1958, ch. 495, § 17; Laws, 1975, ch. 437, § 1; Laws, 2000, ch. 621, § 2, eff. 5/23/2000.
Amended by Laws, 2023, ch. 413, HB 1030,§ 6, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-13 - Issuance and duration of license; transfer or assignment of license; transaction of business under different name

Upon the filing of an application, and the payment of the required fee, the administrator shall issue a license to the applicant to engage in the business of a sales finance company under and in accordance with the provisions of this chapter for a period which shall expire the last day of December next following the date of its issuance. Such license shall not be transferable or assignable. No licensee shall transact any business provided for by this chapter under any other name.
Codes, 1942, § 8075-06; Laws, 1958, ch. 495, § 16, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-15 - Specification as to location of office in license; display of license

Each license shall specify the location of the office and must be conspicuously displayed there. No such specification of office location shall be required to identify the remote location of employees of the licensee who are working from home or another location outside of the office designated on the license.
Codes, 1942, § 8075-05; Laws, 1958, ch. 495, § 18; Laws, 2000, ch. 621, § 3, eff. 5/23/2000.
Amended by Laws, 2023, ch. 413, HB 1030,§ 3, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-17 - Grounds for denial, suspension or revocation of license

(1)
The renewal of a license originally granted under this chapter may be denied, or a license may be suspended, denied or revoked by the administrator on the following grounds:
(a)
Material misstatement in application for license;
(b)
Willful failure to comply with provision of this chapter relating to retail installment contracts;
(c)
Defrauding any retail buyer to the buyer's damage;
(d)
Fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the retail buyer under this chapter.
(2)
Any licensee who is exempt from liability for an act or omission under Section
63-19-57
shall not have his license suspended or revoked or the renewal of his license denied under this section for the same act or omission.
Codes, 1942, § 8075-07; Laws, 1958, ch. 495, § 20; Laws, 1997, ch. 332, § 15, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-19 - Liability of licensee for acts of agents

If a licensee is a firm, association or corporation, it shall be sufficient cause for the suspension or revocation of a license that any officer, director or trustee of a licensed firm, association or corporation, or any member of a licensed partnership, has so acted or failed to act as would be cause for suspending or revoking a license to such party as an individual. Each licensee shall be responsible for the acts of any or all of his employees while acting as his agent, if such licensee after actual knowledge of said acts retained the benefits, proceeds, profits or advantages accruing from said acts or otherwise ratified said acts.
Codes, 1942, § 8075-08; Laws, 1958, ch. 495, § 21, eff. 7/21/1958.
Amended by Laws, 2023, ch. 413, HB 1030,§ 7, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-21 - Procedure for denial, suspension or revocation of license; judicial review

No license shall be denied, suspended or revoked except after hearing thereon. The administrator shall give the licensee at least ten days' written notice, in the form of an order to show cause, of the time and place of such hearing by certified mail addressed to the principal place of business in this state of such licensee. The said notice shall contain the grounds of complaint against the licensee. Any order suspending or revoking such license shall recite the grounds upon which the same is based. The order shall be entered upon the records of the administrator and shall not be effective until after thirty days' written notice thereof given after such entry forwarded by registered mail to the licensee at such principal place of business. No revocation, suspension or surrender of any license shall impair or affect the obligation of any lawful retail installment contract acquired previously thereto by the licensee.
Within thirty days after any such denial, suspension or revocation of a license the person aggrieved may apply for a review thereof by an application to any chancellor or judge of the chancery court of the county wherein is located the principal place of business in this state of such licensee in accordance with the practice of said court. Any chancellor or judge of the chancery court of the county wherein is located the principal place of business in this state of such licensee shall determine de novo all questions, both of fact and of law, touching upon the legality and reasonableness of the determination of the administrator, and shall render such judgment as shall be lawful and just.
Codes, 1942, § 8075-09; Laws, 1958, ch. 495, § 22, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-23 - Investigations and examinations of licensees

The administrator shall, at intermittent periods, make such investigations and examinations of any licensee or other person as he deems necessary to determine compliance with this chapter. For such purpose he may examine the books, accounts, records and other documents or matters of any licensee or other person. He shall have the power to compel the production of all relevant books, records and other documents and materials relative to an examination or investigation. Such investigations and examinations shall not be made more often than once during a year unless the administrator has reason to believe the licensee is not complying with the provisions of this chapter.
Codes, 1942, § 8075-10; Laws, 1958, ch. 495, § 23, eff. 7/21/1958.
Amended by Laws, 2023, ch. 413, HB 1030,§ 8, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-25 - Filing and examination of complaints against licensees

Any retail buyer having reason to believe that this chapter relating to his retail installment contract has been violated may file with the administrator a written complaint setting forth the details of such alleged violation. The administrator, upon receipt of such complaint, may inspect the pertinent books, records, letters and contracts of the licensee and of the retail seller involved, relating to such specific written complaint.
Codes, 1942, § 8075-11; Laws, 1958, ch. 495, § 24, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-27 - Payment of expenses of examination by licensee

(1)
The commissioner may 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. All expense fees paid to the commissioner for examinations conducted under this subsection shall be deposited by the commissioner in the State Treasury in a special and separate fund to be known as the "Consumer Finance Fund."
(2)
When any special examination is conducted and so denominated by the commissioner, he or she shall charge the licensee so examined the cost based on the average daily cost of all examiners of the department plus actual and necessary expenses. The fees for any special examination conducted under this subsection shall be deposited by the commissioner into the Department of Banking and Consumer Finance's Maintenance Fund and may be expended for any purpose authorized for that fund.
Codes, 1942, § 8075-17; Laws, 1958, ch. 495, § 30; Laws, 1975, ch. 440, § 1; Laws, 1985, ch. 345, § 1; brought forward, Laws, 1990, ch. 303, § 3; Laws, 2000, ch. 621, § 4; Laws, 2004, ch. 450, § 1, eff. 4/28/2004.
Amended by Laws, 2023, ch. 413, HB 1030,§ 4, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-29 - Issuance of subpoenas; administration of oaths; enforcement of subpoenas, etc

The administrator shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before him in any matter over which he has jurisdiction, control or supervision pertaining to this chapter. The administrator shall have the power to administer oaths and affirmations to any person whose testimony is required.
If any person shall refuse to obey any such subpoena, or to give testimony, or to produce evidence as required thereby, any judge or chancellor of the chancery court of the first judicial district of Hinds County may, upon application and proof of such refusal, make an order awarding process of subpoena, or subpoena duces tecum, out of said court, for the witness to appear before the administrator and to give testimony, and to produce evidence as required thereby. Upon filing such order in the office of the clerk of the said chancery court, the clerk shall issue process of subpoena, as directed, under the seal of said court, requiring the person to whom it is directed, to appear at the time and place therein designated.
If any person served with any such subpoena shall refuse to obey the same, and to give testimony, and to produce evidence as required thereby, the administrator may apply to any judge or chancellor of the chancery court of the first judicial district of Hinds County for an attachment against such person, as for a contempt. The judge, or chancellor, upon satisfactory proof of such refusal, shall issue an attachment, directed to any sheriff, constable or police officer, for the arrest of such person, and upon his being brought before such judge, proceed to a hearing of the case. The judge, or chancellor, shall have power to enforce obedience to such subpoena, and the answering of any question, and the production of any evidence, that may be proper by imposition of a fine, not exceeding one hundred dollars ($100.00), or by imprisonment in the county jail, or by both imposition of a fine and imprisonment, and to compel such witness to pay the costs of such proceeding to be taxed.
Codes, 1942, § 8075-12; Laws, 1958, ch. 495, § 25, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-33 - Purchase of insurance pursuant to retail installment contract

(1)
The amount, if any, included in a retail installment contract for insurance, which may be purchased by the holder of the retail installment contract, shall not exceed the applicable premiums chargeable in accordance with the rates filed with the state insurance commission. If dual interest insurance on the motor vehicle is purchased by the holder it shall, within thirty days after execution of the retail installment contract, send or cause to be sent to the buyer a policy or policies or certificates of insurance, written by an insurance company authorized to do business in this state, clearly setting forth the amount of the premium, the kind or kinds of insurance, the coverages and all the terms, exceptions, limitations, restrictions and conditions of the contract or contracts of insurance. The buyer shall have the privilege of purchasing such insurance from an agent or broker of his own selection; in such case, however, the inclusion of the insurance premium in the retail installment contract shall be optional with the seller.
No holder shall unreasonably or arbitrarily refuse to accept coverage by an insurance company tendered by the buyer.
(2)
If any insurance is cancelled, or the premium adjusted, any refund of the insurance premium received by the holder shall be credited to the final maturing installments of the contract except to the extent applied toward payment for similar insurance protecting the interests of the buyer and the holder or either of them.
Codes, 1942, § 8075-13; Laws, 1958, ch. 495, § 26, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-35 - Delinquency and collection charges; court costs and attorneys' fees

The holder may, if the contract or refinancing agreement so provides, collect a delinquency and collection charge on a contract evidencing the sale of a commercial vehicle in an amount not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency in default for a period of not less than fifteen (15) days, whichever is greater, but in no event to exceed Fifty Dollars ($50.00), and on all other retail installment contracts a delinquency and collection charge in an amount not in excess of five percent (5%) or Five Dollars ($5.00), whichever is less, on each installment in default for a period of not less than ten (10) days. In addition to such delinquency and collection charge, the contract may provide for the payment of court costs and of attorneys' fee not exceeding fifteen per cent (15%) of the amount actually due and unpaid at the time the balance of the contract is accelerated and the entire amount thereof is declared to be due, if the same is referred to an attorney for collection. However, no such attorneys' fee may be charged or collected where the attorney to whom the contract was referred for collection is a salaried employee of the holder of the contract.
Codes, 1942, § 8075-13; Laws, 1958, ch. 495, § 26; Laws, 1985, ch. 368, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-37 - Transfer of equity in motor vehicle; transfer fee

The buyer may transfer his equity in the motor vehicle at any time to another person upon agreement by the holder, and, in such event, the holder of the contract shall be entitled to charge and collect a transfer of equity fee which shall not exceed fifteen dollars ($15.00). No transfer of equity fee shall be charged or collected unless the holder of the contract shall, in writing, release the transferor from all further liability under such contract.
Codes, 1942, § 8075-13; Laws, 1958, ch. 495, § 26, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-39 - Furnishing of buyer with statement of payments and unpaid balance and written receipt for cash payment

Upon written request from the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement, in conformity with Section
63-19-31
, of payments and the total amount unpaid under such contract. A buyer shall be given a written receipt for any payment when made in cash.
Codes, 1942, § 8075-13; Laws, 1958, ch. 495, § 26; Laws, 1985, ch. 527, § 2, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-41 - Restriction of remedies of buyer against holder

No provision in a retail installment contract relieving the holder from liability for any legal remedies which the buyer may have against the seller under the contract, or any separate instrument executed in connection therewith, shall be enforceable.
Codes, 1942, § 8075-13; Laws, 1958, ch. 495, § 26, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-43 - Maximum finance charge; security interests

(1)
The maximum finance charge which may be contracted for or received for any purchase money loan or purchase money extension of credit made by any lender or by any licensed retail seller, or by any other entity that is expressly exempt from licensing but expressly subject to compliance with this chapter under the provisions of Section
63-19-7
, in connection with sales or financing of motor vehicles and commercial vehicles, as defined in Section
63-19-3(a)
and
63-19-3(b)
, made under this chapter, may result in a yield not to exceed the following annual percentage rates calculated according to the actuarial method:
(a)
Class 1. Any new motor vehicle manufactured in the same year or the year immediately prior to the year in which the sale is made - eighteen percent (18%) per annum on the unpaid balance.
(b)
Class 2. Any new motor vehicle not in Class 1, any used motor vehicle manufactured not more than two (2) years prior to the year in which the sale is made, and any new commercial vehicle or used commercial vehicle manufactured not more than one (1) year prior to the year in which the sale is made - twenty-one percent (21%) per annum on the unpaid balance.
(c)
Class 3. Any used motor vehicle not in Class 2 and manufactured not more than four (4) years prior to the year in which the sale is made and any used commercial vehicle not in Class 2 - twenty-six and seventy-five one-hundredths percent (26.75%) per annum on the unpaid balance.
(d)
Class 4. Any used motor vehicle not in Class 2 or Class 3 and manufactured more than four (4) years prior to the year in which the sale is made - twenty-eight and seventy-five one-hundredths percent (28.75%) per annum on the unpaid balance.
(2)
The discount rate referred to in subsection (1) of this section shall be determined, posted and accorded evidentiary weight as provided in Section
75-17-33
.
(3)
Any subsequent extension, renewal or refinancing of any purchase money loan or purchase money extension of credit under this chapter which is secured by a perfected security interest in a motor vehicle or commercial vehicle pursuant to Section
63-21-43
shall continue to be secured by such security interest without the necessity of reapplying for a certificate of title under that section.
Codes, 1942, § 8075-14; Laws, 1958, ch. 495, § 24; Laws, 1974, ch. 564, § 2; Laws, 1975, ch. 316, § 2; Laws, 1980, ch. 492, § 2; Laws, 1982, ch. 468, § 2; Laws, 1984, ch. 501, § 2; Laws, 1986, ch. 510, § 11; Laws, 1996, ch. 433, § 1, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-45 - Assignment of retail installment contract

Any sales finance company may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees and lien claimants of the seller. Unless the buyer has notice of the assignment of his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.
Codes, 1942, § 8075-14; Laws, 1958, ch. 495, § 24, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-47 - Payment of debt in full prior to maturity

Notwithstanding the provisions of any retail installment contract to the contrary, any buyer may pay in full at any time before maturity the debt of any retail installment contract and in so paying such debt shall receive a refund credit thereon for such anticipation of payments provided such contract shall have a precomputed finance charge. The amount of such refund shall be calculated on the rule of the sum of the digits, commonly known as the "Rule of 78ths," after deducting from such refund an acquisition cost of Ten Dollars ($10.00). Where the amount of credit is less than One Dollar ($1.00), no refund need be made. In the event the finance charge on a contract evidencing the sale of a commercial vehicle is not precomputed, any buyer may pay in full at any time before maturity the then remaining unpaid principal balance of the contract and shall pay a penalty for such prepayment as may have been agreed to by the buyer and the seller in the contract, not to exceed Fifty Dollars ($50.00).
The provisions of this section shall apply in the event the vehicle is repossessed by the finance company or the dealer, and the dealer is required to pay the balance of indebtedness due the holder thereof.
Codes, 1942, § 8075-15; Laws, 1958, ch. 495, § 25; Laws, 1985, ch. 527, § 3; brought forward, Laws, 1990, ch. 303, § 4; Laws, 1997, ch. 332, § 2, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-49 - [Repealed]

Repealed by Laws, 1974, ch. 564, § 8, eff. 7/1/1974.
Codes, 1942, § 8075-16; Laws, 1958, ch. 495, § 29.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-51 - Administration of chapter

The commissioner is authorized to employ the necessary examiners and other personnel required to administer the provisions of this chapter and to fix their compensation commensurate with their duties. All salaries, travel and other expenses incident to the administration of this chapter shall be paid by the commissioner by warrants issued by the State Auditor. Said State Auditor shall issue his warrant upon requisition signed by the commissioner or his duly authorized agent. All salaries, travel and other expenses incident to the administration of this chapter shall be paid monthly. All travel, subsistence and other expenses shall be audited by the commissioner or his duly authorized agent. All warrants issued by the State Auditor pursuant to the provisions of this section shall be paid by the State Treasurer out of the "Consumer Finance Fund" created by Section
63-19-27
.
Codes, 1942, § 8075-18; Laws, 1958, ch. 495, § 31; Laws, 1985, ch. 345, § 3, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-52 - Administration of chapter; issuance of rules and regulations

The commissioner shall have the power and authority to adopt, promulgate and issue such rules and regulations, not inconsistent with this article, or any other statute of the State of Mississippi, as he shall deem necessary for the purpose of the administration of this chapter. A copy of every rule and regulation promulgated by the commissioner shall be filed in accordance with the Administrative Procedures Law, Section
25-43-1
et seq.
Laws, 1997, ch. 332, § 8, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-53 - Waiver of provisions of chapter

Any waiver of the provisions of this chapter shall be unenforceable and void.
Codes, 1942, § 8075-20; Laws, 1958, ch. 495, § 33, eff. 7/21/1958.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-55 - Penalties for violations of chapter

(1)
Any person who willfully and intentionally violates any provision of this chapter or engages in the business of a sales finance company in this state without a license therefor as provided in this chapter shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine not exceeding Five Hundred Dollars ($500.00). However, any licensee who is exempt from liability for an act or omission under Section
63-19-57
shall not be guilty of a misdemeanor under this section for the same act or omission.
(2)
If any person engages in business as provided for in this chapter without paying the license fee provided for in this chapter before commencing business or before the expiration of the person's current license, as the case may be, then the person shall be liable for the full amount of the license fee, plus a penalty in an amount not to exceed Twenty-five Dollars ($25.00) for each day that the person has engaged in the business without a license or after the expiration of a license.
(3)
The commissioner may, after notice and hearing, impose a civil penalty against any licensee if the licensee 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 of Banking and Consumer Finance.
(4)
Any person willfully violating Sections
63-19-31
through
63-19-45
, shall be barred from recovery of any finance charge, delinquency or collection charge on the contract.
(5)
However, any such contract purchased in good faith for value by any bank, trust company, private bank, industrial bank or investment company authorized to do business in this state shall be held and construed to be valid and enforceable in the hands of the purchaser for value, except that such purchaser shall not be permitted to recover on such contract from the buyer anything in excess of the principal balance due thereon, plus the amount of the finance and collection charges permitted under the terms and provisions of this chapter.
(6)
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 circuit 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.
Codes, 1942, § 8075-19; Laws, 1958, ch. 495, § 32; Laws, 1997, ch. 332, § 16; Laws, 2000, ch. 621, § 6; Laws, 2004, ch. 450, § 2, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-56 - Commissioner authorized to examine persons suspected of conducting business requiring a license

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this chapter, including without limitation the conduct of business without a license as required by this chapter.
Laws, 2000, ch. 621, § 7; Laws, 2004, ch. 450, § 3, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-57 - Liability of licensees

(1)
A licensee under this chapter shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred the rule, regulation, interpretation, approval or opinion is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
(2)
A licensee under this chapter, acting in conformity with a written interpretation or approval by an official or employee of any state or federal agency or department, shall be presumed to have acted in accordance with applicable law, notwithstanding that after such act has occurred, the interpretation or approval is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason.
Laws, 1997, ch. 332, § 11, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-59 - Employees of licensees may work remotely subject to certain conditions

(1)
Notwithstanding any other law to the contrary, nothing in this chapter shall be interpreted to interfere with employees of a licensee, licensed under this Chapter 19, Title 63, Mississippi Code of 1972, working from home or another remote location selected by the employee, provided that the licensee:
(a)
Ensures all in-person customer interactions will not be conducted at home or other remote location through videoconference or teleconference mechanisms, and will not designate the home or other remote location to consumers or customers as a business location;
(b)
Maintains appropriate safeguards for licensee and consumer data, information and records, including the use of secure virtual private networks where appropriate;
(c)
Employs appropriate risk-based monitoring and oversight processes of work performed from home or other remote location, and maintains records of the same;
(d)
Ensures consumer information and records, in their tangible form or kept on portable electronic storage devices, are not maintained at home or other remote location;
(e)
Ensures consumer and licensee information and records remain accessible and available for regulatory oversight and exams; and
(f)
Provides appropriate employee training to keep all conversations about, and with, consumers conducted from home or other remote location confidential, as if conducted from a commercial location, and to ensure remote employees work in an environment conducive and appropriate to that privacy.
(g)
Designate a separate area dedicated solely to conducting the business of a sales finance licensee.
(2)
The provisions of this sections shall not be applicable to any bank, trust company, private banker, industrial bank or investment company authorized to do business in this state, and which routinely engages in the practice of financing the sales of motor vehicles, exempted from licensure under Section
63-19-7
.
Added by Laws, 2023, ch. 413, HB 1030,§ 1, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 19 - MOTOR VEHICLE SALES FINANCE LAW (§§ 63-19-1 — 63-19-61) › Section 63-19-61 - Special examination fee to be paid by licensees who allow employees to work remotely

To offset the costs of supervision and administration, as provided in Section
63-19-59
, a licensee that allows its employees to work from home or another remote location selected by the employee must pay a special examination fee. Such fee shall be in addition to the regular examination fee as provided for in Section
63-19-27
. Licensees that do not allow remote work are not required to pay such special examination fee.
Added by Laws, 2023, ch. 413, HB 1030,§ 2, eff. 3/22/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-1 - Short title

This chapter may be cited as "The Mississippi Motor Vehicle and Manufactured Housing Title Law."
Codes, 1942, § 8125-21; Laws, 1968, ch. 531, § 1; Laws, 1999, ch. 556, § 1, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-3 - Administration

The terms and provisions of this chapter shall be administered by the Department of Revenue. The Department of Revenue shall have charge of all the affairs of administering the laws of the state relative to vehicle registration and titling, including fully autonomous vehicles, and manufactured housing titling as hereinafter provided and may employ such administrative and clerical assistance, material and equipment as may be necessary to enable it to speedily, completely and efficiently perform the duties as outlined in this chapter.
Codes, 1942, § 8125-22; Laws, 1968, ch. 531, § 2; Laws, 1999, ch. 556, § 2; Laws, 2009, ch. 492, § 123, eff. 7/1/2010.
Amended by Laws, 2023, ch. 443, HB 1003,§ 32, eff. 7/1/2023.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-7 - Administration

(1)
The State Tax Commission shall prescribe and provide suitable forms of applications, certificates of title, notices of security interests, and all other notices and forms necessary to carry out the provisions of this chapter.
(2)
The State Tax Commission may:
(a)
Promulgate such rules and regulations deemed by it to be appropriate to implement the provisions of the chapter.
(b)
Make necessary investigations to procure information required to carry out the provisions of this chapter.
(c)
Assign a new vehicle identification number to a vehicle if it has none, or if its vehicle identification number is destroyed or obliterated, and then shall issue a new certificate of title showing the new identifying number or make an appropriate endorsement on the original certificate.
(3)
The State Tax Commission shall make available information concerning the status of a title on any vehicle as reflected by the records in a manner as prescribed by the State Tax Commission. Such information supplied by the State Tax Commission shall be considered official only if in writing. The State Tax Commission shall charge the fees as set forth in Section
63-21-63
. However, no fee shall be charged Mississippi law enforcement agencies or law enforcement agencies of any other state when such state furnishes like or similar information without charge to the State Tax Commission or other Mississippi law enforcement agencies.
Codes, 1942, § 8125-48; Laws, 1968, ch. 531, § 28; Laws, 2001, ch. 596, § 65, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-11 - Exceptions to requirement of certificate of title

(1)
No certificate of title need be obtained for:
(a)
A vehicle, manufactured home or mobile home owned by the United States or any agency thereof;
(b)
A vehicle, manufactured home or mobile home owned by a manufacturer or dealer and held for sale, even though incidentally moved on the highway or used for purposes of testing or demonstration, or a vehicle used by a manufacturer solely for testing;
(c)
A vehicle, manufactured home or mobile home owned by a nonresident of this state and not required by law to be registered in this state;
(d)
A vehicle regularly engaged in the interstate transportation of persons or property for which a currently effective certificate of title has been issued in another state;
(e)
A vehicle moved solely by animal power;
(f)
An implement of husbandry;
(g)
Special mobile equipment;
(h)
A pole trailer;
(i)
Utility trailers of less than five thousand (5,000) pounds gross vehicle weight;
(j)
A manufactured home with respect to which the requirements of subsections (1) through (5) of Section
63-21-30
, as applicable, have been satisfied unless with respect to the same manufactured home or mobile home there has been recorded an affidavit of severance pursuant to subsection (6) of Section
63-21-30
.
(2)
Nothing in this section shall prohibit the issuance of a certificate of title to the nonresident owner of an all-terrain vehicle that is purchased in this state.
Codes, 1942, § 8125-25; Laws, 1968, ch. 531, § 5; Laws, 1987, ch. 338, § 1; Laws, 1999, ch. 556, § 5; Laws, 2005, ch. 335, § 3, eff. 7/1/2005.
Brought forward by Laws, 2023, ch. 443, HB 1003,§ 34, eff. 7/1/2023.
Amended by Laws, 2018, ch. 401, HB 827,§ 3, eff. 1/1/2019.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-13 - Designated agents of Department of Revenue generally

(1)
The tax collector of each of the several counties in this state shall by virtue of his office be a designated agent of the Department of Revenue. Such tax collectors may perform their duties under this chapter either personally or through any of their deputies.
(2)
Every licensed dealer as defined in this chapter including wholesale dealers, shall be a designated agent of the Department of Revenue. Such dealers may perform their duties under this chapter either personally or through any of their officers or employees. Such dealers or persons shall enter into a bond with a surety company authorized to do business in this state as surety thereon, payable to the State of Mississippi in a sum to be determined by the department, but in no case to be less than Fifteen Thousand Dollars ($15,000.00), conditioned for the faithful performance of their duties under this chapter.
(3)
The Department of Revenue may appoint persons other than licensed dealers as its designated agents, provided that such appointees shall enter into a bond with a surety company authorized to do business in this state as surety thereon, payable to the State of Mississippi in a sum to be determined by the commission, but in no case to be less than Five Thousand Dollars ($5,000.00), conditioned for the faithful performance of their duties under this chapter.
Codes, 1942, § 8125-26; Laws, 1968, ch. 531, § 6; Laws, 1970, ch. 483, § 2; Laws, 1993, ch. 539, § 1, eff. 7/1/1993.
Amended by Laws, 2015, ch. 400, HB 1000, 1, eff. 7/1/2015.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-19 - Contents and effect of certificate of title; attachment, etc., of certificate

(1)
Each certificate of title issued by the State Tax Commission shall contain:
(a)
The date issued;
(b)
The name and current address of the owner;
(c)
The names and addresses of the first two (2) lienholders in the order of priority as shown on the application, or if the application is based on a certificate of title as shown on the certificate;
(d)
The title number;
(e)
A description of the vehicle, manufactured home or mobile home, including the following data, if applicable: year, make, model, vehicle identification number, type of body, number of cylinders, whether new or used, odometer reading, a statement which qualifies mileage according to the odometer disclosure certified by the transferor and, if a new vehicle, the date of the first sale of the vehicle for use; and
(f)
Any other data the State Tax Commission prescribes.
(2)
Unless security is furnished as provided in subsection (b) of Section
63-21-23
, Mississippi Code of 1972, a distinctive certificate of title shall be issued for a vehicle, manufactured home or mobile home last previously registered in another state or country the laws of which do not require that lienholders be named on a certificate of title to perfect their security interests. The certificate shall contain the legend "This vehicle, manufactured home or mobile home may be subject to an undisclosed lien" and may contain any other information the State Tax Commission prescribes. If no notice of a security interest in the vehicle, manufactured home or mobile home is received by the State Tax Commission within four (4) months from the issuance of the distinctive certificate of title, the State Tax Commission shall, upon application and surrender of the distinctive certificate, issue a certificate of title in ordinary form.
(3)
The certificate of title shall contain forms for assignment and warranty of title by the owner, and for assignment and warranty of title by a dealer, and may contain forms for applications for a certificate of title by a transferee, the naming of a lienholder and the assignment or release of the security interest of a lienholder.
(4)
A certificate of title issued by the State Tax Commission is prima facie evidence of the facts appearing on it.
(5)
A certificate of title for a vehicle, manufactured home or mobile home is not subject to garnishment, attachment, execution or other judicial process. However, this paragraph shall not prevent a lawful levy upon the vehicle, manufactured home or mobile home.
Codes, 1942, § 8125-30; Laws, 1968, ch. 531, § 10; Laws, 1986, ch. 328, § 3; Laws, 1989, ch. 369, § 3; Laws, 1999, ch. 556, § 10, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 63 - MOTOR VEHICLES AND TRAFFIC REGULATIONS (§§ 63-1-1 — 63-NEW01-NEW-014) › Chapter 21 - MOTOR VEHICLE TITLES (§§ 63-21-1 — 63-21-261) › Article 1 - GENERAL PROVISIONS (§§ 63-21-1 — 63-21-77) › Section 63-21-21 - Delivery of certificate of title

The certificate of title shall be mailed to the first lienholder named in it or, if none, to the owner. If the original certificate of title is delivered to a lienholder, a nontransferable duplicate certificate of title shall be mailed to the owner to serve as a permit for operation of the motor vehicle or use or occupancy of the manufactured home or mobile home.
Codes, 1942, § 8125-31; Laws, 1968, ch. 531, § 11; Laws, 1999, ch. 556, § 11, eff. 7/1/1999.