reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-203 - Definitions

The following words and phrases, when used in this article, shall, for the purposes of this article have the meanings respectively ascribed to them in this section, except where the context clearly describes and indicates a different meaning:
(a)
The word "person" shall mean and include every natural person, firm, corporation, copartnership, joint stock or other association or organization, and any other legal entity whatsoever;
(b)
The term "licensee" shall mean and include every person, except those specifically exempt by the provisions of this article, who, in addition to any other right and powers he or it might otherwise possess, shall engage in the business of lending money, either directly or indirectly, to be paid back in monthly installments, or other regular installments for periods of more or less than one (1) month, and whether or not the lender requires security from the borrower as indemnity for the repayment of the loan;
(c)
The word "commissioner" shall mean the Commissioner of Banking and Consumer Finance of the State of Mississippi;
(d)
The word "department" shall mean the Department of Banking and Consumer Finance of the State of Mississippi;
(e)
"Records" or "documents" means any item in hard copy or produced in a format of storage commonly described as electronic, imaged, magnetic, microphotographic or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
Codes, 1942, § 5591-32; Laws, 1958, ch. 168, § 2; Laws, 1996, ch. 423, § 6; Laws, 2000, ch. 621, § 15, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-205 - License required

No person shall engage in the business of lending money except as authorized by this article and by the Small Loan Regulatory Law (Section
75-67-101
et seq.), and without being the holder of a valid and subsisting license to engage in such business as provided herein, furnishing the requisite bond as required hereby, and paying the privilege license tax imposed hereby. Every person engaged in the business of lending money as authorized by this article shall have a physical office located in the State of Mississippi. A separate license is required for each office doing business in the State of Mississippi. Any person who shall violate the provisions of this section shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not more than One Thousand Dollars ($1,000.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment in the discretion of the court.
Codes, 1942, § 5591-33; Laws, 1958, ch. 168, § 3; Laws, 1996, ch. 423, § 7, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-207 - Responsibilities for administration of Article 5

The provisions of this article shall be enforced and administered by the state comptroller of banks and his duly authorized agents, representatives and employees.
Codes, 1942, § 5591-34; Laws, 1958, ch. 168, § 4, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-209 - Application for license or renewal license

If any person shall desire to engage in the business of lending money in the State of Mississippi, as defined herein, such person shall make a written request to the commissioner for the necessary license application form. The commissioner shall mail or deliver the license application form to the person making the request within ten (10) days after receipt of the request by the commissioner. Such person shall make application in writing to the commissioner for a license therefor prior to engaging in such business, which license application shall be made on the forms prepared and provided by the commissioner and which shall give, in addition to such other information as the commissioner may require, the following:
(a)
The full name and address of the applicant;
(b)
The municipality, county and street address where the business is to be operated;
(c)
Whether or not the applicant is an individual, partnership or corporation;
(d)
In the case of an individual, both the business and residence address of the applicant;
(e)
In the case of a partnership, the names and business and residence addresses of all partners; and
(f)
In the case of a corporation, the domicile thereof and the names and business and residence addresses of each officer and director thereof.
All such applications shall be sworn to by the applicant, or a member of the firm in the case of a partnership, or a duly authorized officer in the case of a corporation, and there shall be presented and filed therewith an affidavit, executed before a notary public or other officer authorized to administer oaths, to the effect that the applicant will conduct his or its business in conformity to and will abide by the provisions of this article, all regulations promulgated hereunder and all other applicable statutes of the State of Mississippi.
For a renewal license, the licensee shall furnish on forms provided by the commissioner information that the business is to be continued for one (1) year; such continuation form shall be signed by the applicant, a member of the firm in the case of a partnership, or a duly authorized officer in the case of a corporation, and shall give such information as the commissioner shall require.
Codes, 1942, § 5591-35; Laws, 1958, ch. 168, § 5; Laws, 1991, ch. 567, § 1; Laws, 1996, ch. 423, § 8, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-211 - Bond required

There shall be presented and filed with such application a good and sufficient bond in the principal amount of one thousand dollars ($1,000.00) written by some surety company authorized to do business in the State of Mississippi, which shall be subject to the approval of the comptroller. Said bond shall be payable to the State of Mississippi and shall be conditioned that the applicant will well and truly operate its business in conformity to and will abide by the laws of this state regulating the handling of loans or lending money, and all regulations promulgated by the department, and all other applicable statutes of the State of Mississippi, and will pay and discharge any and all indebtedness for which such applicant may become liable under the provisions of this article and any other applicable statutes of the State of Mississippi, to the State of Mississippi, or to any county, municipality or other political subdivision thereof, or any person, firm, or corporation whatsoever. Suits may be brought on said bond and against the surety thereon by any person having a right of action against same in the name of the State of Mississippi for the use and benefit of the person having such right of action.
Codes, 1942, § 5591-36; Laws, 1958, ch. 168, § 6, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-213 - Annual license fee

With each initial application for a license under the provisions of this article, the applicant shall pay to the commissioner at the time of making such 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). The licenses issued under the provisions hereof shall be valid for a period of one (1) year from the date of the issuance thereof. Such fee is in addition to any other privilege tax or fee required by law. Within thirty (30) days prior to the expiration of any valid and subsisting license issued hereunder, the holder thereof, if he desires to continue to engage in business in the State of Mississippi, shall file application for a new license in the same manner and under the same conditions herein provided.
Codes, 1942, § 5591-37; Laws, 1958, ch. 168, § 7; Laws, 1975, ch. 438; Laws, 1996, ch. 423, § 9; Laws, 2000, ch. 621, § 16, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-215 - Penalties

(1)
If any person engages in business as provided for in this article without paying the license fee provided for in this article 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.
(2)
The commissioner may, after notice and hearing as defined in Section
75-67-237
in cases of revocation of license, impose a civil penalty against any licensee if the licensee is adjudged by the commissioner to be in willful violation of the provisions of this article. 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. Any licensee who has been imposed a civil penalty by the commissioner may, within twenty (20) days after the fine is imposed, appeal to the circuit court of the county where the business is being conducted, as in cases from an order of a lesser tribunal. The trial on appeal shall be de novo.
(3)
When the commissioner has reasonable cause to believe that a person is violating any provision of this article, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this article, 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, § 5591-38; Laws, 1958, ch. 168, § 8; Laws, 2000, ch. 621, § 17; Laws, 2004, ch. 449, § 2, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-217 - Procedure when application is filed; issuance or denial of license generally; prohibition against issuance of licenses to banks, trust companies, etc

When any application is filed for a license under the provisions of this article and the requisite fee is paid and the necessary bond furnished, the commissioner shall make an investigation for the purpose of determining whether or not the financial responsibility, previous experience, character and general fitness of the applicant (including the members thereof if the applicant is a firm, partnership or association, and the officers and directors thereof, if the applicant is a corporation) are such as to merit the respect and confidence of the community in which the business is to be operated and to warrant the belief that the business will be operated honestly, fairly, efficiently and in compliance with the provisions of the applicable laws of this state, and the regulations promulgated by the department. For applications both for original licenses and for renewal licenses, the commissioner shall make a determination either to approve or to disapprove the issuance of the license, and his determination shall be conveyed in writing to the applicant within sixty (60) days after the date the application is received by the commissioner. If such determination shall be in the affirmative, then the commissioner shall thereupon issue to the applicant a license, in such form as the commissioner may deem proper, for the operation of such business at the location stated in the application, which license shall be valid for a period of one (1) year. If the application is denied, the commissioner shall give written notice of the denial to the applicant, together with the reason or reasons for the denial. If the commissioner does not issue the license or give written disapproval of the issuance of the license within the required sixty-day period, the license shall be deemed approved and issued effective the next calendar day. In all cases where the proper application for a renewal license shall be filed, it shall be lawful for the applicant to operate his business while the application is pending before the commissioner and until the license has been issued or the application has been rejected, as provided in this section. No license under the Small Loan Privilege Tax Law shall be granted to a bank, savings bank, trust company, savings and loan association, building and loan association insurance company, credit union or pawnbroker.
Codes, 1942, § 5591-39; Laws, 1958, ch. 168, § 9; Laws, 1974, ch. 564, § 5; Laws, 1991, ch. 567, § 2, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-219 - Return of bond and fees upon denial of application for license

When any application for a license is denied, the commissioner shall return to the applicant the bond furnished by him and shall also return to the applicant one-half (1/2) of the license fee paid by him, the remaining one-half (1/2) thereof to be retained by the commissioner, to be disposed of as are all other collections made by the commissioner under the provisions of the Small Loan Regulatory Law (Section
75-67-101
et seq.) of this state.
Codes, 1942, § 5591-40; Laws, 1958, ch. 168, § 10; Laws, 1991, ch. 567, § 3, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-221 - Hearing when license denied

When any application for a license is denied, the applicant shall have the right to a hearing thereon by and before the comptroller by filing, within thirty (30) days after the date of the receipt of the notification of denial, a written petition with the comptroller requesting such hearing. Upon the filing of any such request, the comptroller shall fix a date for the hearing, which date shall not be later than thirty (30) days from the date of the filing of the request, and notice shall be given to the public of the fact that such hearing will be held by the publication of a notice in some newspaper published in the county where the business is proposed to be conducted not less than ten (10) days before the date of the hearing, which notice shall specify the date, time, place and purpose of the hearing.
Codes, 1942, § 5591-41; Laws, 1958, ch. 168, § 11; Laws, 1985, ch. 309, eff. 3/8/1985.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-223 - Procedure at the hearing

All such hearings shall be held and conducted in the office of the comptroller, and the applicant and any and all other interested persons may appear and present such evidence as shall be relevant and material and the comptroller may cause the production and presentation of such evidence as he may deem relevant and material. At all such hearings, the applicant shall have the right to be represented by counsel and to examine and cross-examine any and all witnesses that may testify at such hearing. For the purpose of compelling the attendance of witnesses at such hearing, the comptroller shall have the power to issue subpoenas therefor in the same manner as subpoenas are issued in circuit courts. All witnesses who shall testify at any such hearing shall be sworn in the same manner as witnesses are sworn in the circuit courts and shall be subject to penalties for perjury as is otherwise provided under the laws of this state.
Codes, 1942, § 5591-42; Laws, 1958, ch. 168, § 12, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-225 - Review of adverse decision

At all such hearings the comptroller shall cause the evidence presented to be taken down and a record made thereof and he shall make a written finding and decision with reference to the question presented and shall cause same to be included in the record. The original of said record shall be kept as a permanent record by the comptroller and a copy thereof shall be furnished to the applicant. If the application for the license shall be denied by the comptroller as a result of such hearing, the applicant may, within ten (10) days from the date of denial, obtain a review of such denial by a writ of certiorari to the circuit court of the county where said business is proposed to be conducted, as by law in such cases made and provided. The review by said court shall be on the record made before the comptroller and copies of all applications, bonds and other papers and documents of every kind filed with the comptroller in connection with the application, and said hearing shall be included in said record along with the transcript of the evidence.
Codes, 1942, § 5591-43; Laws, 1958, ch. 168, § 13, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-227 - Forms of license

The license shall be in such form as the commissioner may prescribe and, in addition to such other information as the commissioner may deem proper, it shall set forth the name and address of the licensee, and such license shall be kept conspicuously posted in the licensee's place of business. Such licenses shall not be transferable or assignable.
Codes, 1942, § 5591-44; Laws, 1958, ch. 168, § 14; Laws, 1985, ch. 344; Laws, 1996, ch. 423, § 10, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-229 - Additional licenses and changes of location

Not more than one (1) place of business shall be operated or maintained under the same license, but the commissioner may issue separate licenses to the same licensee for different and separate places of business upon compliance with all of the provisions of this article governing the issuance of licenses with respect to each separate license. If any licensee shall desire to change his place of business within the same municipality during the period for which the license is valid, he shall make written application therefor to the commissioner who shall issue a new license for the unexpired portion of the year showing the new location of the business. However, nothing herein shall authorize or permit a change in the place of business of a licensee to a location outside of the original municipality.
Codes, 1942, § 5591-45; Laws, 1958, ch. 168, § 15; Laws, 2000, ch. 621, § 18, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-231 - Preservation of records

All applications, bonds, records and other papers and documents filed with the commissioner in connection with applications for an issuance of all licenses shall be preserved by the commissioner as a permanent record in his office, and shall be available to the public in accordance with the Mississippi Public Records Act (Section
25-61-1
et seq., Mississippi Code of 1972); however, all files on licensees, as defined in Section
75-67-103
, Mississippi Code of 1972, who have ceased business under the Small Loan Regulatory Law (Section
75-67-101
et seq.), Mississippi Code of 1972) and the Small Loan Privilege Tax Law (Section
75-67-201
et seq.), Mississippi Code of 1972) shall be maintained in accordance with retention periods established by the State Records Committee.
Codes, 1942, § 5591-46; Laws, 1958, ch. 168, § 16; Laws, 1994, ch. 320, § 7, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-233 - Additional bonds; when required

If the comptroller shall find, at any time, that any bond filed with him by a licensee under the provisions of this article is insecure for any reason, or if same has been exhausted, the comptroller shall require an additional bond in the amount of one thousand dollars ($1,000.00) conditioned as provided by this article. If, after ten (10) days' written notice by the comptroller, any licensee shall fail, neglect or refuse to furnish such additional bond, the license held by such persons shall be forthwith cancelled by the comptroller. Notice of all suits filed against licensee and the surety on his bond shall be given the comptroller at the time of the institution thereof, and notice of the result or outcome of all such suits shall be given the comptroller within ten (10) days after the termination thereof.
Codes, 1942, § 5591-47; Laws, 1958, ch. 168, § 17, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-235 - Discontinuance of business and surrender of license

Any person holding a license under the provisions of this article may discontinue his business by giving the comptroller written notice thereof and surrendering his license to the comptroller, but such action shall in nowise relieve the licensee or the surety on his bond from any liability which may have accrued or existed at the time of the surrender of such license nor shall impair or affect the obligation of any lawful pre-existing contract between the licensee and any other person, firm or corporation.
Codes, 1942, § 5591-48; Laws, 1958, ch. 168, § 18, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-237 - Revocation of license; procedure and review by court

The commissioner may, if he be of the opinion that reasonable grounds exist to believe that a licensee has willfully violated any of the provisions of this article, or the Small Loan Regulatory Law (Section
75-67-101
et seq.), or any regulation of the commissioner made under the authority of either, or any other applicable statute of this state, upon written notice to the licensee distinctly specifying the charges against him, cite the licensee to appear before him to show cause why his license should not be revoked. Such notice shall fix the date, time and place of the hearing, which hearing shall not be held less than ten (10) days from the date of such notice. At such hearing the licensee shall have the right to be heard either in person or by counsel, to produce witnesses in his behalf, and to examine and cross-examine all witnesses who may testify.
If, after the hearing, the commissioner finds that the licensee has been guilty of willfully violating any provision of this article, or the Small Loan Regulatory Law (Section
75-67-101
et seq.), or any regulations made by the commissioner under the authority of either, or any other applicable statute of the State of Mississippi, the commissioner shall forthwith revoke the license involved; otherwise, the proceedings shall be dismissed. At all such hearings, the commissioner shall cause the evidence to be taken down and a record made thereof and he shall make a written finding and decision and shall cause same to be included in the record. The original of the record shall be retained by the commissioner and a copy thereof shall be furnished to the licensee. Any licensee whose license is revoked by the commissioner may, within twenty (20) days after such revocation, appeal to the circuit court of the county where the business is being conducted, as in cases of appeal from an order of a lesser tribunal. The trial on appeal shall be de novo.
Any licensee who is exempt from liability for an act or omission under Section
75-67-245
shall not have his license revoked under this section for the same act or omission.
Codes, 1942, § 5591-49; Laws, 1958, ch. 168, § 19; Laws, 1997, ch. 332, § 17, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-239 - Disposition of funds collected under Article 5

All fees, license tax and penalties provided for in this article which are payable to the commissioner shall, when collected, be deposited in a special and separate fund to be known as the "Consumer Finance Fund" and shall be expended by the commissioner solely and exclusively for the purpose of administering and enforcing the provisions of this article and the Small Loan Regulatory Law (Section
75-67-101
et seq.).
Codes, 1942, § 5591-50; Laws, 1958, ch. 168, § 20; Laws, 1985, ch. 345, § 4, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-241 - Exemptions

This article shall not apply to any person, firm, partnership, corporation or association doing business under any of the laws of this state relating to banks, savings banks, trust companies, building and loan associations, insurance companies, credit unions or pawnbrokers; nor shall this article apply to any person, firm, partnership, corporation or association concerning loans made to the employees or farm tenants of such person, firm, partnership or corporation or association; nor to loans or advances made to be used in or in the furtherance of farming or agricultural operations; nor to loans insured or guaranteed by the United States or any of its agencies; nor to persons, firms, partnerships, associations or corporations making loans only secured by real estate; nor to dealers and sellers or purchasers of conditional sales or retained title contracts on real or personal property; nor a member of an affiliated group as defined by Section 1504 of the Internal Revenue Code of 1986, as amended, on May 24, 1995, with respect to loans made by one (1) member of the affiliated group to another and who is not otherwise engaged in the business of loaning money secured by tangible personal property; nor an occasional lender not regularly engaged in the business of lending money, but such lender shall be governed by the usury statutes of this state.
Codes, 1942, § 5591-51; Laws, 1958, ch. 168, § 21; Laws, 1995, ch. 457, § 2; Laws, 1996, ch. 423, § 11, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-243 - 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 article. 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.
Codes, 1942, § 5591-52; Laws, 1958, ch. 168, § 22; Laws, 1996, ch. 423, § 12, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-244 - 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 article and for the purpose of determining whether persons are subject to the provisions of this article, may examine persons licensed under this article and persons reasonably suspected by the commissioner of conducting business that requires a license under this article, 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 article, including without limitation the conduct of business without a license as required under this article.
Laws, 2000, ch. 621, § 19, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-245 - Licensee; freedom from liability

(1)
A licensee under this article 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 article, 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, § 13, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-247 - Municipal and county ordinances void if overly restrictive

Municipalities and counties in this state may enact ordinances that are in compliance with, but not more restrictive than, the provisions of this article. Any order, ordinance or regulation existing on April 28, 2004 of Sections
75-67-115
,
75-67-215
,
75-67-247
and this section, or any order, ordinance or regulation enacted after April 28, 2004, of Sections
75-67-115
,
75-67-215
,
75-67-247
and this section that conflicts with any of the provisions of this article shall be void to the extent of the conflict.
Laws, 2004, ch. 449, § 4, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-301 - Short title

This article shall be known and may be cited as the "Mississippi Pawnshop Act."
Laws, 1993, ch. 598, § 1, eff. 7/1/1993.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-305 - Information required to be recorded on pawn ticket; detailed recording of transactions required

(1)
At the time of making the pawn or purchase transaction, the pawnbroker shall enter upon the pawn ticket a record of the following information which shall be typed or written in ink and in the English language:
(a)
A clear and accurate description of the property, including the following:
(i)
Brand name;
(ii)
Model number;
(iii)
Serial number;
(iv)
Size;
(v)
Color, as apparent to the untrained eye;
(vi)
Precious metal type, weight and content, if known;
(vii)
Gemstone description, including the number of stones;
(viii)
In the case of firearms, the type of action, caliber or gauge, number of barrels, barrel length and finish; and
(ix)
Any other unique identifying marks, numbers, names or letters;
(b)
The name, residence address and date of birth of pledgor or seller;
(c)
Date of pawn or purchase transaction;
(d)
Driver's license number, social security number, Mississippi identification card number, as defined in Section
45-35-1
, or tribal identification card number of the pledgor or seller or identification information verified by at least two (2) forms of identification, one (1) of which must be a photographic identification;
(e)
Description of the pledgor including approximate height, sex and race;
(f)
Amount of cash advanced;
(g)
The maturity date of the pawn transaction and the amount due; and
(h)
The monthly rate and pawn charge. Such rates and charges shall be disclosed using the requirements prescribed in Regulation Z (Truth in Lending) of the rules and regulations of the Board of Governors of the Federal Reserve.
(2)
Each pawn or purchase transaction document shall be consecutively numbered and entered in a corresponding log or record book. Separate logs or record books for pawn and purchase transactions shall be kept.
(3)
Records may be in the form of traditional hard copies, computer printouts or magnetic media if readily accessible for viewing on a screen with the capability of being promptly printed upon request.
(4)
Every licensee shall maintain a record which indicates the total number of accounts and the total dollar value of all pawn transactions outstanding as of December 31 of each year.
Laws, 1993, ch. 598, § 3; Laws, 2001, ch. 503, § 7, eff. 3/24/2001.
Amended by Laws, 2021, ch. 378, HB 277,§ 10, eff. 7/1/2021.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-307 - Information required to be pre-printed on pawn ticket

The following shall be printed on all pawn tickets:
(a)
The statement that "Any personal property pledged to a pawnbroker within this state is subject to sale or disposal when there has been no payment made on the account for a period of thirty (30) days past maturity date of the original contract; no further notice is necessary";
(b)
The statement that "The pledgor of this item attests that it is not stolen, it has no liens or encumbrances against it, and the pledgor has the right to sell or pawn the item";
(c)
The statement that "The item is redeemable only by the bearer of this ticket or by identification of the person making the pawn"; and
(d)
A blank line for the pledgor's signature.
Laws, 1993, ch. 598, § 4, eff. 7/1/1993.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-309 - Statement pledgor or seller is rightful owner; pawnbroker to maintain record of transactions to law enforcement agencies; electronic reporting of transactions to law enforcement agencies; time limit for resale

(1)
The pledgor or seller shall sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to sell or pledge the goods and shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any employee of the pawnbroker.
(2)
The pawnbroker shall maintain a record of all transactions of pledged or purchased goods on the premises. A pawnbroker shall upon request provide to the appropriate law enforcement agency a complete record of all transactions. These records shall be a correct copy of the entries made of the pawn or purchase transaction, except as to the amount of cash advanced or paid for the goods and monthly pawnshop charge. If the law enforcement agency supplies the appropriate computer software and the pawnbroker has the appropriate computer hardware, all transactions shall be made available by means of electronic transmission through a modem or similar device or by providing a computer disc to the law enforcement agency within seventy-two (72) hours of the transaction. Any pawnbroker who is recording transactions through the use of computer hardware on March 24, 2001, and is provided such appropriate software shall not cease or alter the use of his computer hardware unless authorized by the law enforcement agency.
(3)
All goods purchased across the counter by the pawnbroker shall be maintained on the premises by the pawnbroker for at least fourteen (14) calendar days if the pawnbroker makes available all transactions either electronically or on computer disc to the appropriate law enforcement agency as provided in subsection (2) above. Otherwise, the pawnbroker shall maintain on the premises the purchased goods for twenty-one (21) calendar days.
(4)
The commissioner may establish by rule, regulation or order, a process to allow certain purchased goods to be stored off premises, at a secure, nonresidential location.
Laws, 1993, ch. 598, § 5; Laws, 2001, ch. 503, § 8, eff. 3/24/2001.
Amended by Laws, 2024, ch. 401, HB 1021,§ 1, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-311 - Redemption of pledged goods; failure to redeem

A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within thirty (30) days following the originally fixed maturity date shall automatically be forfeited to the pawnbroker by operation of this section, and absolute right, title and interest in and to such goods shall automatically vest to the pawnbroker.
Laws, 1993, ch. 598, § 6, eff. 7/1/1993.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-313 - Pawnshop charge; limit on interest, charges and fees

(1)
(a)
A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, cost and losses of every nature not to exceed twenty-five percent (25%) of the principal amount, per month, advanced in the pawn transaction.
(b)
The provisions of paragraph (a) of this subsection shall not include the fee charged by a third-party processing company for the use of a debit or credit card. Pawnbrokers shall be allowed to pass the third-party processing company's fee on to the customer if the pawnbroker provides clear and conspicuous notice to all customers that such fee will be applied to the debit and credit card transactions. Said notice must be posted at the point of entry and point of sale and must include:
(i)
The amount of the fee;
(ii)
That the fee is for the use of a debit or credit card; and
(iii)
The type of payment method to which the fee applies.
(c)
The amount of the fee identified in the provisions of paragraph (b) of this subsection shall be limited to the single transaction cost charged by the third-party processor to the pawnbroker for the use of a credit or debit card.
(2)
Any interest, charge, or fees contracted for or received, directly or indirectly, in excess of the amount permitted under subsection (1) of this section shall be uncollectible and the pawn transaction shall void. The pawnshop charge allowed under subsection (1) of this section shall be deemed earned, due and owed as of the date of the pawn transaction and a like sum shall be deemed earned, due and owed on the same day of the succeeding month.
Laws, 1993, ch. 598, § 7, eff. 7/1/1993.
Amended by Laws, 2024, ch. 326, SB 2382,§ 1, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-315 - Prohibited acts of pawnbrokers, and clerks, agents or employees of pawnbroker

(1)
A pawnbroker and any clerk, agent or employee of such pawnbroker shall not:
(a)
Fail to make an entry of any material matter in his or her record book;
(b)
Make any false entry therein;
(c)
Falsify, obliterate, destroy or remove from his or her place of business such records, books or accounts relating to the licensee's pawn transaction;
(d)
Refuse to allow the commissioner, the appropriate law enforcement agency, the Attorney General or any other duly authorized state or federal law enforcement officer to inspect his or her pawn records or any pawn goods in his possession during the ordinary hours of business or other acceptable time to both parties;
(e)
Fail to maintain a record of each pawn transaction for four (4) years;
(f)
Accept a pledge or purchase property from a person under the age of eighteen (18) years;
(g)
Make any agreement requiring the personal liability of a pledgor or seller, or waiving any of the provisions of this article or providing for a maturity date less than thirty (30) days after the date of the pawn transaction;
(h)
Fail to return or replace pledged goods to a pledgor or seller upon payment of the full amount due the pawnbroker unless the pledged goods have been taken into custody by a court or a law enforcement officer or agency;
(i)
Sell or lease, or agree to sell or lease, pledged or purchased goods back to the pledgor or back to the seller in the same or related transaction;
(j)
Sell or otherwise charge for insurance in connection with a pawn transaction;
(k)
Remove pledged goods from the premises within thirty (30) days following the originally fixed maturity date;
(l)
Accept a pledge or purchase property when such property has manufacturer's serial numbers which have been obviously removed and/or obliterated.
(2)
The commissioner may establish by rule, regulation or order, a process to allow certain pledged goods to be stored off premises, at a secure, nonresidential location.
Laws, 1993, ch. 598, § 8; Laws, 2001, ch. 503, § 9, eff. 3/24/2001.
Amended by Laws, 2024, ch. 401, HB 1021,§ 2, eff. 7/1/2024.
Amended by Laws, 2024, ch. 326, SB 2382,§ 2, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-317 - Redemption or repurchase of pledged goods; liability of pawnbroker for lost or damaged pledged goods; lost, destroyed or stolen pawn ticket

(1)
Any person properly identifying himself as pledgor or as authorized representative of the pledgor and presenting a pawn ticket to the pawnbroker shall be entitled to redeem or repurchase the pledged goods described in such ticket. In the event such pledged goods are lost or damaged while in the possession of the pawnbroker, it shall be the responsibility of the pawnbroker to replace the lost or damaged goods with like kinds of merchandise and proof of replacement shall be defense to any prosecution. For the purpose of this subsection, "lost" includes destroyed or having disappeared because of any willful neglect that results in the pledged goods being unavailable for return to the pledgor.
(2)
If the pawn ticket is lost, destroyed or stolen, the pledgor shall so notify the pawnbroker in writing, and receipt of such notice shall invalidate such pawn ticket, if the pledged goods have not been previously redeemed. Before delivering the pledged goods or issuing a new pawn ticket, the pawnbroker shall require the pledgor to make a written statement of the loss, destruction or theft of the ticket. The pawnbroker shall record on the written statement the identifying information required by Section
75-67-305
, the date the statement is given and the number of the pawn ticket lost, destroyed or stolen. This statement shall be signed by the pawnbroker or pawnshop employee who accepts the statement from the pledgor. A pawnbroker is entitled to a fee not to exceed Five Dollars ($5.00) in connection with each lost, destroyed or stolen pawn ticket and the taking of a properly prepared written statement for the pawn ticket.
Laws, 1993, ch. 598, § 9, eff. 7/1/1993.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 7 - MISSISSIPPI PAWNSHOP ACT (§§ 75-67-301 — 75-67-343) › Section 75-67-319 - Lien by pawnbroker; waiting period

(1)
A pawnbroker shall have a lien on the pledged goods pawned for the money advanced and the pawnshop charge owed, but not for other debts due to him. He shall retain possession of the pledged goods, except as otherwise herein provided, until his lien is satisfied.
(2)
Pledged goods not redeemed on or before the maturity date, if fixed and set out in the pawn ticket issued in connection with any transaction, shall be held by the pawnbroker for thirty (30) days following such date and may be redeemed or repurchased by the pledgor or seller within such period by the payment of the originally agreed redemption price, and the payment of an additional pawnshop charge equal to the original pawnshop charge.
Laws, 1993, ch. 598, § 10, eff. 7/1/1993.