reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 18 - MISSISSIPPI S.A.F.E. MORTGAGE ACT (§§ 81-18-1 — 81-18-63) › NATIONWIDE LICENSING SYSTEM (§§ 81-18-61 — 81-18-63) › Section 81-18-61 - Mortgage loan originators required to be licensed and registered through Nationwide Mortgage Licensing System and Registry; background checks; fees; process to challenge information in system; independent contractor loan processor or underwriter to be licensed as mortgage loan originator

(1)
In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the commissioner may establish, by rule, regulation or order, requirements as necessary, including, but not limited to:
(a)
Background checks for:
(i)
Criminal history through fingerprint or other databases;
(ii)
Civil or administrative records;
(iii)
Credit history; or
(iv)
Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;
(b)
The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;
(c)
The setting or resetting as necessary of renewal or reporting dates; and
(d)
Requirements for amending or surrendering a license or any other such activities as the commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
(2)
The commissioner shall establish a process by which mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the commissioner.
(3)
In order to fulfill the purposes of this chapter, the commissioner is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.
(4)
A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a license under Section
81-18-7(4)
. Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
Laws, 2007, ch. 581, § 30; Laws, 2008, ch. 434, § 8; Laws, 2009, ch. 544, § 21; reenacted without change, Laws, 2010, ch. 462, § 29; reenacted without change, Laws, 2012, ch. 571, § 29, eff. 7/1/2012.
Reenacted without change by Laws, 2020, ch. 310, SB 2427,§ 33, eff. 7/1/2020.
Reenacted and amended by Laws, 2016, ch. 360, SB 2504, 34, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-1 - Short title

This chapter shall be known and may be cited as the "Consumer Loan Broker Act."
Laws, 1992, ch. 485, § 1, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-3 - Definitions

As used in this chapter:
(a)
"Advance fee" means any consideration which is assessed or collected prior to the closing of a loan.
(b)
"Commissioner" means the Commissioner of Banking and Consumer Finance.
(c)
"Consumer loan" means a transaction by which a lender extends credit for personal, family or household purposes in the form of payment of money or of agreement to pay money, for the account of, or to a third party on behalf of, a natural person or persons and which is repayable in installments and may be unsecured or secured by real or personal property. The term "consumer loan" also includes the creation of consumer debt by a credit to an account with a lender upon which the borrower is entitled to draw immediately.
(d)
"Consumer loan broker" means a person not otherwise exempt from this chapter who, for compensation from borrowers, finds and obtains consumer loans or credit cards for borrowers from third party lenders.
(e)
"Department" means the Department of Banking and Consumer Finance.
(f)
"Lender" means a person who makes consumer loans.
(g)
"License" means a license required by this chapter.
(h)
"Loan charges and fees" means amounts collected from a borrower by a consumer loan broker on behalf of a lender to defray costs of such items as appraisals, surveys, title opinions and similar other expenses.
(i)
"Service charge" means the amount charged a borrower by a consumer loan broker for the service of finding and obtaining a consumer loan for the borrower from a third party lender.
(j)
"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.
Laws, 1992, ch. 485, § 2; Laws, 2000, ch. 621, § 30, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-5 - License requirement; penalty for violation

No person shall engage in the business of being a consumer loan broker before posting the bond and obtaining the license as required by this chapter. Any person violating this section is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than One Thousand Dollars ($1,000.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment.
Laws, 1992, ch. 485, § 3, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-7 - Exclusions from chapter coverage

Except as otherwise provided in this section, this chapter does not apply to:
(a)
Banks, bank holding companies, credit unions, insurance companies, savings and loan associations, savings banks, savings and loan association holding companies, small loan licensees, pawnbrokers, trust companies and their employees when acting on behalf of the employer.
(b)
Approved mortgagees of the United States Department of Housing and Urban Development, the Federal Housing Administration or other federal agency.
(c)
Mortgage companies required to be licensed and individuals required to be registered under the Mississippi Mortgage Consumer Protection Act (Sections
81-18-1
through
81-18-47
), and persons exempt from licensing and registration as provided in Section
81-18-5
.
(d)
An attorney or certified public accountant licensed in this state, or an enrolled agent who has a current certification from the Internal Revenue Service, who is not actively and principally engaged in the business of being a consumer loan broker even though the services of a consumer loan broker are occasionally rendered in the attorney's practice of law, the certified public accountant's practice of accounting or the enrolled agent's practice of tax services or bookkeeping. However, any such attorney, certified public accountant or enrolled agent still shall be subject to the provisions of this chapter except for the provisions of Section
81-19-5
.
(e)
A person who, without the consent of the owner, receives a mortgage or deed of trust on real or personal property as security for an obligation arising from use of materials or services in the improvement or repair of the property.
(f)
A seller of real property who receives one or more mortgages or deeds of trust as security for a purchase money obligation.
Laws, 1992, ch. 485, § 4; Laws, 1994, ch. 320 § 6; Laws, 1997, ch. 332, § 5; Laws, 2000, ch. 579, § 26; Laws, 2004, ch. 370, § 1; Laws, 2005, ch. 327, § 1, eff. 7/1/2005.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-9 - License application; fee; surety requirement

(1)
An application to become licensed as a consumer loan broker shall be in writing, under oath and in a form prescribed by the commissioner, and shall contain:
(a)
The full name and address of the applicant;
(b)
The street address, municipality and county of the proposed licensed location;
(c)
The complete business and residence address of:
(i)
The proprietor, if an individual applicant;
(ii)
All partners, if a partnership applicant; or
(iii)
The directors and chief executive officer, if a corporate applicant; and
(d)
Such other information as the commissioner may reasonably require in order to evaluate the applicant's suitability to operate as a consumer loan broker.
(2)
Each application shall be accompanied by the payment of Three Hundred Dollars ($300.00), which shall be the annual license fee for each licensed location of a consumer loan broker and is in addition to all other taxes and fees required by law. The twelve-month licensing period shall begin on the date the license is issued.
(3)
Each application shall be accompanied by evidence of a surety bond in an amount of Twenty-five Thousand Dollars ($25,000.00) issued by a company authorized to do business in Mississippi and approved by the commissioner. The bond shall be in favor of the State of Mississippi to discharge unsatisfied indebtedness or liability of the licensed consumer loan broker to the state, any political subdivision thereof or to any person who may have a cause of action against the broker by reason of the broker's conduct as a licensed consumer loan broker.
The surety on the bond may cancel same by giving sixty (60) days' notice in writing to the commissioner and thereafter shall be relieved of liability after the effective date of cancellation. The commissioner shall require a new bond in an amount of Twenty-five Thousand Dollars ($25,000.00) at any time he has knowledge that a licensee's bond has expired, is about to expire or, in the opinion of the commissioner, is insecure for any reason. The license of any consumer loan broker who fails to post a replacement bond within ten (10) days from receipt of a notice from the commissioner shall be cancelled immediately.
Claimants against the licensee may bring suit directly on the bond, and the Attorney General also may bring suit on behalf of claimants in one (1) or multiple actions.
Laws, 1992, ch. 485, § 5, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-11 - Investigation of applicant; issuance or denial of license; time limit for acting on applications

The commissioner shall investigate the financial soundness, experience, character, reputation and general fitness of the applicant to determine if the business will be operated honestly and in compliance with this chapter and the regulations of the department and if the applicant merits the confidence of the community in which the license is to be located.
At the determination of the commissioner, a license may be issued to the applicant to operate as a consumer loan broker at the address stated in the application.
The commissioner may deny the application and, in that event, shall return the applicant's bond as well as one-half (1/2) of the annual fee. The commissioner shall retain the remaining one-half (1/2) and treat it as other collections permitted under this chapter.
The commissioner shall officially act on all applications within thirty (30) days of receipt of same by the department.
Laws, 1992, ch. 485, § 6, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-13 - Separate licenses required for each location; movement of licensed location; surrender of license

No more than one (1) place of business may be operated under one (1) license; however, a licensed entity may operate multiple locations, each separately licensed.
The license shall be in such form as the commissioner may prescribe and shall be conspicuously posted in the licensed location.
A licensee may move the licensed location within the same county after securing the permission of the commissioner and the payment of Twenty-five Dollars ($25.00) to the department. Upon approval of the new address, the commissioner shall issue an amended license for the unexpired portion of the year. Nothing in this paragraph shall authorize or permit any change of a licensed address to any location outside the original county of licensure.
A licensee may surrender his license by returning it to the commissioner; however, neither the licensee nor the surety on his bond are relieved of any liability which may have accrued before the surrender date.
Laws, 1992, ch. 485, § 7, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-15 - Renewal of license; penalty for failure to pay fee

Applications for renewal of a license shall be submitted, along with the payment of the annual fee, on an application form supplied by the commissioner upon which information relating to all of the applicant's licensed offices shall be set forth in accordance with instructions contained therein, including, in the discretion of the commissioner, such additional information as may be required by statute or regulation for the issuance of an initial license.
The application for renewal of a license shall be received by the commissioner within thirty (30) days prior to the expiration of any valid and existing license issued hereunder. If any person engages in business as provided for in this chapter without paying the license fee provided for in this chapter before commencing business or before the expiration of his current license shall be liable for the full amount of the license fee, plus a penalty in an amount not to exceed Twenty-five Dollars ($25.00) for each day that the person has engaged in the business without a license or after the expiration of a license.
Laws, 1992, ch. 485, § 8; Laws, 2000, ch. 621, § 31, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-18 - Commissioner authorized to examine persons suspected of conducting business requiring a license

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this chapter, including without limitation the conduct of business without a license as required under this chapter.
Laws, 2000, ch. 621, § 34, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-19 - Deposit of funds collected into Consumer Finance Fund

All funds coming into the possession of the commissioner as a result of this chapter, including all annual fees and examination fees, shall be deposited by the commissioner into the special fund in the State Treasury known as the "Consumer Finance Fund," and shall be expended by the commissioner solely and exclusively for the administration and enforcement of this chapter.
Laws, 1992, ch. 485, § 10; Laws, 2000, ch. 621, § 33, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-21 - Contracts to be written; enumeration of charges

A licensee may not enter into an agreement to find and obtain a consumer loan for a borrower unless the agreement is in writing. The contract shall indicate a range acceptable to the borrower of the financing terms, the interest rate, loan charges and fees, and any other charges.
If the loan is to be secured by real property, the contract must enumerate and describe the types of charges which are likely to be made, with a range for each stated, including: discount points, origination fee, appraisals, surveys, title opinions, title insurance and prepaid taxes and insurance premiums. Should the total actual costs at closing exceed the estimate by the greater of ten percent (10%) or Two Hundred Dollars ($200.00), the licensee shall obtain a written agreement from the borrower that the borrower has elected to consummate the transaction even though not obligated to do so. However, any loan charges made by a licensee under the Small Loan Regulatory Law (Sections
75-67-101
through
75-67-137
) and the Small Loan Privilege Tax Law (Sections
75-67-201
through
75-67-247
) shall be enumerated, described and assessed in the manner provided by Section
75-67-121
, Mississippi Code of 1972.
Laws, 1992, ch. 485, § 11, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-25 - Records of licensee; retention

(1)
A licensee shall retain a complete record of each transaction under this chapter for a period of two (2) years from the date of the closing of the loan. The commissioner may prescribe by regulation the form and nature of the records to be retained.
(2)
All records must be housed at the licensed location unless specific permission is secured from the commissioner to maintain them at another location within the state.
Laws, 1992, ch. 485, § 13, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-27 - Separate account required for charges and fees collected by broker; authorization to withdraw from account

(1)
Loan charges and fees collected on behalf of a lender by the licensee from a borrower shall be deposited and kept in an account maintained solely for that purpose and totally apart and separate from the monies of the licensee.
(2)
Withdrawals of loan charges and fees from the separate account shall be only at the direction of the lender, an escrow agent or a loan closing attorney. Proof of the authorization to withdraw and pay out loan charges and fees shall be retained by the licensee.
Laws, 1992, ch. 485, § 14, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-29 - Suspension or revocation of license; grounds; commissioner may to enter orders to require persons to refrain from violations

(1)
After notice and hearing, the commissioner may suspend or revoke any license if he finds that the licensee has knowingly and without exercising due care:
(a)
Failed to pay the annual license fee imposed by this chapter or an examination fee imposed by the commissioner under authority of this chapter; or
(b)
Violated any provision of this chapter or of any rule or regulation issued under this chapter.
(2)
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 to require 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.
Laws, 1992, ch. 485, § 15; Laws, 2004, ch. 370, § 3, eff. 4/20/2004.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-31 - Service charge not to be construed as finance charge or interest

Notwithstanding any provision of law to the contrary and specifically Section
75-17-25
, Mississippi Code of 1972, a service charge as defined in this chapter shall not be construed to be finance charge or interest when paid to a licensed consumer loan broker by a borrower, or by a lender on behalf of and at the direction of the borrower, if the payment is made pursuant to a written contract between the consumer loan broker and the borrower as required by this chapter.
Laws, 1992, ch. 485, § 16, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-33 - Effect of failure to comply with chapter on underlying transaction

The failure of a licensed consumer loan broker to comply with this chapter in the finding and obtaining of a consumer loan for a borrower shall not affect the validity and enforceability of any debt, mortgage, deed of trust or any other lien interest in real or personal property, and a lender in the consumer loan or his assignee, holder or transferee is under no obligation to ascertain if this chapter has been complied with by the licensed consumer loan broker in the transaction.
Laws, 1992, ch. 485, § 17, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 19 - CONSUMER LOAN BROKER ACT (§§ 81-19-1 — 81-19-35) › Section 81-19-35 - Right to hearing upon denial or revocation of license; notice; appeal; review

When any license application is denied or any active license is revoked, the applicant or licensee has a right to a hearing before the commissioner at which the applicant or licensee may be represented by counsel. The demand for a hearing shall be in writing and shall be made within thirty (30) days after receipt of the denial or revocation. The commissioner shall set a date and time for the hearing no later than thirty (30) days after receipt of the demand. Public notice of the hearing shall be published in a newspaper of general circulation in the county where the license is proposed or is being operated. Such notice shall appear not less than ten (10) days before the date of the hearing and shall contain the date, time, place, identity of the parties involved and the purpose for which the hearing is to be held. All hearings shall be held in the office of the commissioner.
Any action of the commissioner after the hearing may be appealed by the applicant or licensee within ten (10) days from the date of such action by a writ of certiorari to the circuit court of the county where the business is proposed to be conducted or is being conducted, as provided by law in such cases.
The review by the court shall be on the record made before the commissioner; and copies of all applications, bonds and other papers and documents of every kind filed with the commissioner and the hearing shall be included in the record along with the transcript of the evidence.
Laws, 1992, ch. 485, § 18, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 20 - CONSUMER COMPLAINTS AND DISPUTES AGAINST MORTGAGE COMPANIES (§ 81-20-1) › Section 81-20-1 - [Repealed]

Repealed by Laws, 1999, ch. 505, § 2, eff. 7/1/2000.
Laws, 1999, ch. 505, § 2, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-1 - Definitions

The following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise:
(a)
"Commissioner" means the Commissioner of Banking and Consumer Finance.
(b)
"Person" means an individual, partnership, association, business corporation, nonprofit corporation, common-law trust, joint-stock company or any other entity, however organized.
(c)
"Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest or discount and a service charge, as authorized and limited by Sections
81-21-13
through
81-21-23
.
(d)
"Premium finance company" means a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies.
(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.
Laws, 1992, ch. 569, § 1; Laws, 2000, ch. 621, § 35; Laws, 2010, ch. 317, § 2, eff. 10/1/2010.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-5 - Investigation of license applicant; hearing for applicant found unqualified; conditions for issuance or renewal of license

(1)
Upon the filing of an application and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if the application is qualified in accordance with this chapter. If the commissioner does not so find, he or she, at the request of the applicant, shall give the application a full hearing in accordance with the Mississippi Administrative Procedures Law.
(2)
The commissioner shall issue or renew a license when he or she is satisfied that the person to be licensed:
(a)
Is competent and trustworthy and intends to act in good faith;
(b)
Has a good business reputation and has had the experience or training or possesses the abilities so as to be qualified to act as a premium finance company;
(c)
If a corporation, is incorporated under the laws of this state or, if a foreign corporation, is authorized to transact business in this state.
Laws, 1992, ch. 569, § 3, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-7 - Revocation or suspension of license; grounds; right to hearing

(1)
The commissioner may revoke or suspend the license of any premium finance company when after investigation the commissioner finds that:
(a)
The license was obtained by material misrepresentation or fraud;
(b)
The holder of the license has shown himself untrustworthy or incompetent to act as a premium finance company; or
(c)
The licensee has violated any of the provisions of this chapter.
(2)
Before the commissioner shall revoke, suspend or refuse to renew the license of any premium finance company, the person aggrieved shall be entitled to a hearing in accordance with the Mississippi Administrative Procedures Law.
Laws, 1992, ch. 569, § 4, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-9 - Penalty in lieu of revocation or suspension of license

(1)
In lieu of revoking or suspending the license for any of the causes enumerated in this chapter, after a hearing as provided in Section
81-21-7
, the commissioner may subject the company to a penalty not to exceed Five Hundred Dollars ($500.00) for each offense when the commissioner finds that the public interest would not be harmed by the continued operation of the company. The amount of any such penalty shall be paid by the company to the commissioner for deposit into the special fund in the State Treasury designated as the "Consumer Finance Fund." At any hearing provided by this chapter, the commissioner shall have authority to administer oaths to witnesses. Anyone testifying falsely, after having been administered such oath, shall be subject to the penalty of perjury.
(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)
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 and 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.
Laws, 1992, ch. 569, § 5; Laws, 2000, ch. 621, § 37; Laws, 2004, ch. 450, § 6, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-10 - Commissioner authorized to examine persons suspected of conducting business requiring a license

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this chapter, including without limitation the conduct of business without a license as required under this chapter.
Laws, 2000, ch. 621, § 38, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-11 - Records

(1)
A premium finance company shall maintain records of its premium finance transactions.
(2)
A premium finance company shall preserve its records of premium finance transactions, including preservation by means of electronic data processing or computer records, for at least two (2) years after making the final entry with respect to any premium finance agreement. The preservation of records in photographic, microfilm or microfiche form constitutes compliance with this section.
Laws, 1992, ch. 569, § 6, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-13 - Premium finance agreement; contents

A premium finance agreement shall:
(a)
Be dated and signed by or on behalf of the insured, and the printed portion thereof shall be in at least eight-point type;
(b)
Contain the name and place of business of the insurance agent or broker negotiating the related insurance contract, the name and residence or place of business of the insured, the name and place of business of the premium finance company, a brief description of the insurance contracts involved and the amount of the premium; and
(c)
Set forth the following items, where applicable:
(i)
The total amount of the premium, less an itemized listing of any nonrefundable charges;
(ii)
The amount of the down payment;
(iii)
The principal balance, which is the difference between the amounts stated under subparagraphs (i) and (ii) of this paragraph;
(iv)
The amount of the interest and the annual percentage rate;
(v)
The balance payable by the insured, meaning the sum of amounts stated under subparagraphs (iii) and (iv) of this paragraph; and
(vi)
The number of installments required, the amount of each installment expressed in dollars and the due date or period thereof.
Laws, 1992, ch. 569, § 7; Laws, 2004, ch. 450, § 7, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-15 - Permissible charges; computation of interest; prepayment by insured

(1)
A premium finance company shall not charge, contract for, receive or collect any interest or service charge other than as permitted in this section.
(2)
The interest is to be computed on the balance of the premiums due, after subtracting the down payment made by the insured in accordance with the premium finance agreement, from the effective date of the insurance contract or as otherwise agreed to by the parties, for which the premiums are being advanced, to the date when the final installment of the premium finance agreement is payable.
(3)
Notwithstanding any provision of law to the contrary, for any loan or extension of credit in an amount of Ten Thousand Dollars ($10,000.00) or less, made by a licensee under this chapter, the licensee may contract for and receive any finance charge agreed to in writing by the licensee and the insured, not to exceed twenty-four percent (24%) per annum on the unpaid balance; however, if the loan or extension of credit is in an amount more than Ten Thousand Dollars ($10,000.00), the licensee may contract for and receive any finance charge agreed to in writing by the licensee and the insured.
(4)
Notwithstanding the provisions of any premium finance agreement, any insured shall receive a refund of the unearned finance charge, based on the Rule of 78's, upon the voluntary prepayment of the obligation in full or upon the cancellation of such contract. Where the amount of the refund credit is less than Three Dollars ($3.00), no refund need be made.
Laws, 1992, ch. 569, § 8; Laws, 2004, ch. 450, § 8, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-17 - Delinquency charges; collection costs

(1)
A premium finance agreement may provide for the payment by the insured of a delinquency charge of up to five percent (5%) of any installment which is in default for a period of more than five (5) days. If the premium finance agreement is primarily for personal, family or household purposes then the maximum delinquency charge shall be Fifteen Dollars ($15.00). If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge of Fifteen Dollars ($15.00). The agreement may also provide for a returned check fee of Fifteen Dollars ($15.00) for each installment payment check returned by the bank.
(2)
A premium finance agreement may provide for payment of collection costs and attorney's fees equal to twenty percent (20%) of the outstanding indebtedness if the premium finance agreement is referred for collection to a collection agency or to an attorney who is not a salaried employee of the premium finance company.
(3)
None of the charges referred to in this section shall be considered, directly or indirectly, in determining whether a violation of the usury laws has occurred under a premium finance agreement.
Laws, 1992, ch. 569, § 9, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-19 - Cancellation of insurance contracts; notice

(1)
When a premium finance agreement contains a power of attorney clause enabling the premium finance company to cancel any insurance contract or contracts listed in the agreement, the insurance contract or contracts shall not be cancelled by the premium finance company unless such cancellation is done in accordance with this section.
(2)
Not less than ten (10) days' written notice shall be mailed to the insured, at the last known address shown on the records of the premium finance company, of the intent of the premium finance company to cancel the insurance contract unless the default is cured within such ten-day period.
(3)
After expiration of such ten-day period, the premium finance company may thereafter cancel such insurance contract or contracts by sending to the insurer a notice of cancellation. The insurance contract shall be cancelled as if such notice of cancellation had been submitted by the insured, but without requiring the return of the insurance contract or contracts. The premium finance company shall also mail a copy of the notice of cancellation to the insured at the last known address shown on the records of the premium finance company.
(4)
All statutory, regulatory and contractual restrictions providing that the insurance contract may not be cancelled unless notice is given to a governmental agency, mortgagee or third party other than the insured shall apply where cancellation is effected under the provisions of this section. The insurer shall give the prescribed notice on behalf of itself or the insured to any governmental agency, mortgagee or other third party on or before the fifth business day after the day it receives the notice of cancellation from the premium finance company and shall determine the effective date of cancellation taking into consideration the number of days' notice required to complete the cancellation.
(5)
No liability of any nature whatsoever either in favor of the insured, any governmental agency, mortgagee or third party shall be imposed upon the insurer as a result of any misstatement of fact contained in such notice of cancellation or statement furnished by the insurance premium finance company to the insurer.
Laws, 1992, ch. 569, § 10, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-21 - Return of unearned premiums to premium finance company; refund of excess to insured

(1)
Whenever a financed insurance contract is cancelled, the insurer shall return to the premium finance company as soon as reasonably possible whatever gross unearned premiums are due under the insurance contract, and also shall furnish to the premium finance company a report setting forth an itemization of the unearned premiums under the policy that includes a detailed mathematical summary of the computation of the return premium.
(2)
If a premium is subject to an audit to determine the final premium amount, the gross unearned premium shall be calculated upon the deposit premium and the insurer shall return whatever gross unearned premiums are due based upon that deposit to the finance company for the account of the insured.
(3)
If the crediting of return premiums to the account of the insured results in a surplus over the amount due from the insured, the premium finance company shall refund the excess to the insured, provided that no such refund shall be required if it amounts to less than Three Dollars ($3.00).
Laws, 1992, ch. 569, § 11; Laws, 1997, ch. 332, § 6; Laws, 1999, ch. 336, § 1; Laws, 2006, ch. 354, § 1; Laws, 2010, ch. 317, § 1, eff. 10/1/2010.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-23 - Filing of agreement unnecessary to perfect interest

No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrancers, trustees in bankruptcy or any other insolvency proceeding under any law or anyone having the status or power of the aforementioned or their successors or assigns.
Laws, 1992, ch. 569, § 12, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-25 - Deposit of revenues in Consumer Finance Fund

All revenues collected by or paid to the commissioner under the provisions of Section
81-21-9
shall be forwarded immediately to the State Treasurer, who shall deposit them into the special fund in the State Treasury designated as the "Consumer Finance Fund."
Laws, 1992, ch. 569, § 13, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 21 - INSURANCE PREMIUM FINANCE COMPANIES (§§ 81-21-1 — 81-21-27) › Section 81-21-27 - Exclusions from coverage of chapter

This chapter shall not apply to:
(a)
The financing of insurance premiums by any seller who sells goods or services pursuant to an installment sales contract in which a time price differential is charged, or to any savings and loan association, savings bank, bank, trust company, finance company, credit union or mortgage company;
(b)
Any insurance company, association or exchange authorized to do business in this state which solely finances the insurance premiums for its insurance policies, or a subsidiary of an authorized insurer admitted in this state or a corporation under substantially the same management or control as an admitted insurer or group of insurers, where such subsidiary, managed or controlled company is engaged in the business of financing insurance premiums on policies issued only by its parent insurer or affiliated group of insurers; and
(c)
Any insurance agent or producing agent licensed to do business in this state who finances premiums on policies solely written by such agent or producing agent.
Laws, 1992, ch. 569, § 14; Laws, 1997, ch. 332, § 7, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-1 - [Repealed Effective 7/1/2026] Short title

This chapter may be known and cited as the "Mississippi Debt Management Services Act."
Laws, 2003, ch. 465, § 1; reenacted and amended, Laws, 2006, ch. 398, § 1; reenacted without change, Laws, 2010, ch. 396, § 1, eff. 7/1/2010; reenacted without change, Laws, 2019, ch. 323, HB 800,§ 1, eff. 7/1/2019.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 1, eff. 7/1/2022.
Reenacted by Laws, 2016, ch. 345, HB 470, 1, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 1, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 1, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-7 - [Repealed Effective 7/1/2026] Bond required

To be eligible for a license, an applicant shall file with the commissioner a bond with good security in the penal sum of Fifty Thousand Dollars ($50,000.00), payable to the State of Mississippi for the faithful performance by the licensee of the duties and obligations pertaining to the business so licensed and the prompt payment of any judgment that may be recovered against the licensee on account of charges or other claims arising directly or collectively from any violation of the provisions of this chapter. The applicant may file, in lieu of the bond, cash, a certificate of deposit or government bonds in the amount of Fifty Thousand Dollars ($50,000.00). Those deposits shall be filed with the commissioner and are subject to the same terms and conditions as are provided for in the surety bond required in this paragraph. Any interest or earnings on those deposits are payable to the depositor.
Laws, 2003, ch. 465, § 4; reenacted and amended, Laws, 2006, ch. 398, § 4; reenacted without change, Laws, 2010, ch. 396, § 4, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 4, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 4, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 4, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 4, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 4, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 22 - MISSISSIPPI DEBT MANAGEMENT SERVICES ACT (§§ 81-22-1 — 81-22-31) › Section 81-22-9 - [Repealed Effective 7/1/2026] Handling of consumer funds

(1)
Funds deposited in escrow account.
The debt management service provider shall deposit, within two (2) business days of receipt, all funds received from or on behalf of a consumer for payment to a creditor or creditors in a federally insured escrow account for the benefit of the consumer in a supervised financial organization. Any escrow account established to receive consumer funds is free from trustee process and unavailable to creditors of the debt management service provider.
(2)
Requirements for handling of funds.
The debt management service provider shall:
(a)
Maintain separate records of account for each consumer receiving debt management services;
(b)
Remit funds received from or on behalf of a consumer to the consumer's creditor or creditors within fifteen (15) business days of receipt of the funds; and
(c)
Correct or remedy any misdirected payments resulting from an error by the debt management service provider and reimburse the consumer for any actual costs or fees imposed by a creditor as a result of such misdirection.
(3)
Commingling of funds.
The debt management service provider may not commingle escrow accounts established for the benefit of consumers with any operating accounts of the debt management service provider.
Laws, 2003, ch. 465, § 5; reenacted and amended, Laws, 2006, ch. 398, § 5; reenacted without change, Laws, 2010, ch. 396, § 5, eff. 7/1/2010.
Reenacted without change by Laws, 2022, ch. 312, HB 687,§ 5, eff. 7/1/2022.
Reenacted without change by Laws, 2019, ch. 323, HB 800,§ 5, eff. 7/1/2019.
Reenacted by Laws, 2016, ch. 345, HB 470, 5, eff. 7/1/2016.
Reenacted without change by Laws, 2015, ch. 325, HB 1401, 5, eff. 7/1/2015.
Reenacted without change by Laws, 2013, ch. 348, SB 2557, 5, eff. 7/1/2013.