reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-129 - Interim savings banks

(1)
Article 2 of this chapter shall not apply to applications for permission to organize an interim state savings bank so long as the application is approved by the commissioner.
(2)
Preliminary approval of an application for permission to organize an interim state savings bank shall be conditional upon the commissioner's approval of an application to merge the interim savings bank and an existing stock savings bank or on the commissioner's approval of any other transaction.
(3)
The commissioner shall promulgate rules and regulations to govern the formation of interim savings banks authorized by this section.
Laws, 1992, ch. 489, § 40; reenacted without change, Laws, 1997, ch. 364, § 40; reenacted without change, Laws, 2001, ch. 457, § 40, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-151 - Supervision

The commissioner is empowered and directed to perform the duties and exercise the powers as to savings banks organized or operated under this chapter, except as otherwise provided herein.
Laws, 1992, ch. 489, § 41; Laws, 1994, ch. 622, § 149; reenacted without change, Laws, 1997, ch. 364, § 41; reenacted without change, Laws, 2001, ch. 457, § 41, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-153 - Power of commissioner to promulgate rules and regulations; reproduction of records

(1)
The commissioner shall have the authority to promulgate rules, instructions and regulations necessary to the discharge of his duties and powers for the supervision and regulation of savings banks and for the protection of the public investment in savings banks.
(2)
Without limiting the generality of subsection (1), rules, instructions and regulations may be promulgated with respect to:
(a)
Reserve requirements;
(b)
Stock ownership and dividends;
(c)
Stock transfers;
(d)
Incorporators, stockholders, directors, officers and employees of a savings bank;
(e)
Bylaws;
(f)
The operation of savings banks;
(g)
Deposit accounts, bonus plans and contracts for savings programs;
(h)
Loans and loan expenses;
(i)
Investments;
(j)
Forms and definitions;
(k)
Types of financial records to be maintained by savings banks;
(l)
Retention periods of various financial records;
(m)
Internal control procedures of savings banks;
(n)
Conduct and management of savings banks;
(o)
Chartering and branching;
(p)
Liquidations;
(q)
Mergers;
(r)
Conversions;
(s)
Reports which may be required by the commissioner;
(t)
Conflicts of interest;
(u)
Service corporations; and
(v)
Holding companies.
(3)
Any state savings bank may cause any or all of its records in its custody to be reproduced in a format of storage commonly used, whether 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. 489, § 42; reenacted without change, Laws, 1997, ch. 364, § 42; Laws, 2000, ch. 335, § 4; reenacted without change, Laws, 2001, ch. 457, § 42, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-155 - Examinations by commissioner; report

(1)
If at any time the commissioner deems it prudent, it shall be his duty to examine and investigate everything relating to the business of a state savings bank, or a holding company thereof, and to appoint a suitable and competent person to make such investigation. The investigator shall file with the commissioner a full report of his finding in such case, including in his report any violation of law, or any unauthorized or unsafe practices of the savings bank, disclosed by his examination.
(2)
The commissioner shall furnish a copy of such report to the savings bank under investigation and may, upon request, furnish a copy of the report to the insurer of accounts.
(3)
No savings bank shall willfully delay or willfully obstruct an examination in any fashion. Any person failing to comply with this subsection shall be guilty of a misdemeanor.
(4)
No person having in his possession or control any books, accounts or papers of any state savings bank shall refuse to exhibit such books, accounts or papers to the commissioner or his agents on demand, or shall knowingly or willingly make any false statement in regard to such books, accounts or papers. Any person failing to comply with this subsection shall be guilty of a misdemeanor.
Laws, 1992, ch. 489, § 43; reenacted without change, Laws, 1997, ch. 364, § 43; reenacted without change, Laws, 2001, ch. 457, § 43, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-157 - Supervisory and other fees

(1)
Every state savings bank, including savings banks in the process of voluntary liquidation, or a holding company thereof, shall pay into the office of the commissioner an annual supervisory fee and fees for various activities in the same amounts and in the same manner as charged to savings associations under Section
81-12-193
.
(2)
All funds and revenue collected by the department under the provisions of this section and all other sections of this chapter which authorize the collection of fees and other funds, except for the civil penalties provided in Sections
81-14-203
and
81-14-205
, shall be deposited with the State Treasurer to the credit of the department and expended solely to defray expenses incurred by the office of the commissioner in carrying out the supervisory and auditing functions. The civil penalties provided in Sections
81-14-203
and
81-14-205
shall be deposited into the State General Fund, unless such penalty is appealed to a court of competent jurisdiction as provided in Section
81-14-213
, in which case such penalty shall then be deposited with the State Treasurer to the credit of the department until such appeal is resolved. If such appeal is resolved in favor of the department, then the commissioner shall notify and direct the State Treasurer to transfer the amount of such fine from the credit of the department to the credit of the State General Fund.
(3)
Notwithstanding any of the provisions of this section, whenever the commissioner under the provisions of Section
81-14-155
appoints a suitable and competent person, other than a person employed by the commissioner's office, to make an examination and investigation of the business of a state savings bank, all costs and expenses relative to such examination and investigation shall be paid by such savings bank.
Laws, 1992, ch. 489, § 44; Laws, 1994, ch. 622, § 150; reenacted without change, Laws, 1997, ch. 364, § 44; reenacted without change, Laws, 2001, ch. 457, § 44, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-159 - Prolonged audit, examination or revaluation; payments of costs

(1)
If, in the opinion of the commissioner an examination conducted under the provisions of Section
81-14-155
fails to disclose the complete financial condition of a savings bank, he may in order to ascertain its complete financial condition:
(a)
Make an extended audit or examination of the savings bank, or cause such an audit or examination to be made by an independent auditor;
(b)
Make an extended revaluation of any of the assets or liabilities of the savings bank, or cause an independent appraiser to make such revaluation.
(2)
The commissioner shall collect from the savings bank a reasonable sum for actual or necessary expenses of such an audit, examination or revaluation.
Laws, 1992, ch. 489, § 45; reenacted without change, Laws, 1997, ch. 364, § 45; reenacted without change, Laws, 2001, ch. 457, § 45, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-161 - Commissioner to have right of access to books and records of savings banks; right to issue subpoenas, administer oaths, examine witnesses

(1)
The commissioner and his agents:
(a)
Shall have free access to all books and records of a savings bank, or a service corporation or holding company thereof, that relate to its business, and the books and records kept by any officer, agent or employee relating to the business of the savings bank;
(b)
May subpoena witnesses and administer oaths or affirmations in the examination of any director, officer, agent or employee of a savings bank, or a service corporation or holding company thereof, or of any other person in relation to its affairs, transactions and conditions;
(c)
May require the production of records, books, papers, contracts and other documents; and
(d)
May order that improper entries be corrected on the books and records of a savings bank.
(2)
The commissioner may issue subpoenas duces tecum.
(3)
If a person fails to comply with a subpoena so issued by the commissioner, or a party or witness refuses to testify on any matters, a court of competent jurisdiction, on the application of the commissioner, shall compel compliance by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from such court or a refusal to testify in such court.
Laws, 1992, ch. 489, § 46; reenacted without change, Laws, 1997, ch. 364, § 46; reenacted without change, Laws, 2001, ch. 457, § 46, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-163 - Test appraisals of collateral for loans; expense paid

(1)
The commissioner may direct the making of test appraisals of real estate and other collateral securing loans made by savings banks doing business in this state, employ competent appraisers, or prescribe a list from which competent appraisers may be selected, for the making of such appraisals by the commissioner, or any and all other acts incident to the making of such test appraisals.
(2)
In lieu of such appraisals, the commissioner may accept an appraisal caused to be made by the insurer of accounts.
(3)
The expense and cost of test appraisals made pursuant to this section shall be defrayed by the savings bank subjected to such test appraisals. Each savings bank doing business in this state shall pay all reasonable costs and expenses of such test appraisals when directed.
Laws, 1992, ch. 489, § 47; reenacted without change, Laws, 1997, ch. 364, § 47; reenacted without change, Laws, 2001, ch. 457, § 47, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-165 - Relationship of savings banks with department

(1)
Except as provided by subsection (3) of this section, a savings bank, or any director, officer, employee or representative thereof, shall not grant, directly or indirectly, to the commissioner or to any employee of the department, or to their spouses, any loan or gratuity.
(2)
Neither the commissioner, nor any employee of the department, shall:
(a)
Hold an office or position in any state savings bank, or exercise any right to vote on any state savings bank matter by reason of being a member of the savings bank;
(b)
Be interested, directly or indirectly, in any savings bank organized under the laws of this state; or
(c)
Undertake any indebtedness as a borrower, directly or indirectly, or act as endorser, surety or guarantor, or sell, or otherwise dispose of, any loan or investment to any savings bank organized under the laws of this state.
(3)
Notwithstanding subsection (2) of this section, the commissioner, or any employee of the department, may be a deposit account holder, may receive earnings on such account and may receive a loan secured by the deposit account.
(4)
If the commissioner, or any employee of the department, has any prohibited right or interest in a savings bank, either directly or indirectly, at the time of his appointment, he shall dispose of it within sixty (60) days after the date of his appointment or employment. If the commissioner, or any employee of the department, is indebted as a borrower, directly or indirectly, or is an endorser, surety or guarantor on a note at the time of his appointment or employment, he may continue in such capacity until such loan is paid off.
(5)
If the commissioner, or any employee of the department, has a loan or other note acquired by a state savings bank through the secondary market, he may continue with the debt until such loan or note is paid off.
Laws, 1992, ch. 489, § 48; reenacted without change, Laws, 1997, ch. 364, § 48; reenacted without change, Laws, 2001, ch. 457, § 48, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-167 - Confidential information

(1)
The following records or information of the board, the commissioner, or the agent(s) of either, shall be confidential and shall not be disclosed:
(a)
Information obtained or compiled in preparation of, or anticipation of, or during an examination, audit or investigation of any institution;
(b)
Information reflecting the specific collateral given by a named borrower, the specific amount of stock owned by a named stockholder, or specific deposit accounts held by a named member or customer;
(c)
Information obtained, prepared or compiled during or as a result of an examination, audit or investigation of any savings bank by an agency of the United States, if the records would be confidential under federal law or regulation;
(d)
Information and reports submitted by savings banks to federal regulatory agencies, if the records or information would be confidential under federal law or regulation;
(e)
Information and records regarding complaints from the public received by the department which concern savings banks when the complaint could result in an investigation, except to the management of those savings banks;
(f)
Any other letters, reports, memoranda, recordings, charts or other documents or records which would disclose any information of which disclosure is prohibited in this subsection.
(2)
A court of competent jurisdiction may order the disclosure of specific information.
(3)
The information contained in an application shall be deemed to be public information. Disclosure shall not extend to the financial statement of the incorporators nor to any further information deemed by the commissioner to be confidential.
(4)
Nothing in this section shall prevent the exchange of information relating to savings banks and the business thereof with the representatives of the agencies of this state, other states, or of the United States, or with reserve or insuring agencies for savings banks. The private business and affairs of an individual or company shall not be disclosed by any person employed by the department, any member of the board, or by any person with whom information is exchanged under the authority of this subsection.
(5)
Any official or employee violating this section shall be liable to any person injured by disclosure of such confidential information for all damages sustained thereby.
Laws, 1992, ch. 489, § 49; reenacted without change, Laws, 1997, ch. 364, § 49; reenacted without change, Laws, 2001, ch. 457, § 49, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-169 - Statement filed by savings bank; publishing requirement

The commissioner shall call upon each state savings bank for the reports required in this section. Such calls shall be made by the commissioner in writing by letter or other similar means of written communications for the same dates and as often as calls are issued by the appropriate federal regulating authority for reports from federal savings banks. The commissioner shall prescribe the forms for such reports. The reports shall be sworn to by either the president, vice president or cashier of the savings bank making them, attested by not less than two (2) of the board of directors, and shall exhibit in detail, under appropriate heads, the total resources and total liabilities of the bank on the day specified by the commissioner. Savings banks shall transmit to the department such call reports within a time limitation established by regulation by the commissioner; however, such time limitation cannot exceed that set by the Federal Deposit Insurance Corporation for state insured savings banks. For any failure or delay in furnishing this report, the president, vice president or cashier of any such savings bank, so in default, and the members of the board of directors of the savings bank refusing to attest the report, shall be subject to an administrative fine, which may be imposed by the commissioner, of Fifty Dollars ($50.00) a day for each day while in such default.
Laws, 1992, ch. 489, § 50; Laws, 1996, ch. 400, § 34; reenacted without change, Laws, 1997, ch. 364, § 50; reenacted without change, Laws, 2001, ch. 457, § 50, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-171 - Annual audit requirement

The commissioner shall require that every state savings bank have its affairs audited at least once a year. The commissioner shall review such audit within a reasonable time after its completion.
Laws, 1992, ch. 489, § 51; Laws, 1996, ch. 400, § 35; reenacted without change, Laws, 1997, ch. 364, § 51; reenacted without change, Laws, 2001, ch. 457, § 51, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-173 - Prohibited practices

Any person who shall engage in any of the following acts shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined or imprisoned, or both, in the discretion of the court:
(a)
Defamation: Making, publishing, disseminating or circulating any oral, written or printed statement regarding the financial condition of any savings bank which is false.
(b)
False information and advertising: Making, publishing, disseminating, circulation or otherwise placing before the public in any publication, media, notice, pamphlet, letter, poster, or any other way, an advertisement, announcement or statement containing any assertion representation, or statement with respect to the savings bank business or with respect to any person in the conduct of the savings bank business which is untrue, deceptive or misleading.
Laws, 1992, ch. 489, § 52; reenacted without change, Laws, 1997, ch. 364, § 52; reenacted without change, Laws, 2001, ch. 457, § 52, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-177 - Credit allowed for savings banks; commissioner discretion

In all examinations no savings bank shall be allowed credit in excess of its sound value for a note or security of which the principal and interest is over twelve (12) months past due; nor for any bond in excess of the real value thereof; nor for any stock of its own held more than twelve (12) months; nor for any unsecured overdrafts that may have existed for a greater period than thirty (30) days next preceding it, except that the period shall be ninety (90) days for unsecured overdrafts upon which interest is being charged if the savings bank has a written policy authorizing such overdrafts for not more than ninety (90) days. Only such overdrafts shall be considered as secure as are advanced against products or actual existing values evidenced by warehouse receipts or bills of lading, against bills of exchange drawn in good faith against actual existing values, or against funds on deposit by the depositor whose account is overdrawn, and who has pledged those funds as security for such overdraft, and in making up the statement of the condition of such savings bank any such item shall be charged off (but if desired a note shall be appended giving details thereof). But the discretion of the commissioner or examiner may be exercised in cases of estates in litigation or administration, and in pending suits, if the security affected thereby is ample, in the opinion of the commissioner or examiner making such examination.
Laws, 1996, ch. 400, § 40; reenacted without change, Laws, 1997, ch. 364, § 54; reenacted without change, Laws, 2001, ch. 457, § 54, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 4 - SUPERVISION (§§ 81-14-151 — 81-14-179) › Section 81-14-179 - Commissioner to provide copy of call reports; failure or refusal; misdemeanor

A copy of the call reports of any savings bank shall be furnished to any person or corporation requesting the same for a reasonable fee prescribed by the commissioner, which shall be collected by the commissioner and shall be paid into the department maintenance fund. If the commissioner fails or refuses to furnish copies of the report when so requested and tendered the proper fee; or if he fails to account for any such fees received by him; or if any person other than the commissioner, deputy commissioner, an examiner, or assistant furnishes any copy of such savings bank report to anyone, whether for a consideration or without consideration, such person shall be guilty of a misdemeanor and shall be fined not less than Fifty Dollars ($50.00) or be imprisoned not more than one (1) month in the county jail, or both. However, this section shall not be construed to prevent any officer of the savings bank from furnishing to anyone a statement of such savings bank.
Laws, 1996, ch. 400, § 41; reenacted without change, Laws, 1997, ch. 364, § 55; reenacted without change, Laws, 2001, ch. 457, § 55, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-201 - Cease and desist orders

(1)
If any person or savings bank is engaging in, or has engaged in, or is about to engage in, any unsafe or unsound practice, or unfair and discriminatory practice, in conducting the savings bank's business, or violation of any other law, rule, regulation, order or condition imposed in writing by the commissioner, the commissioner may issue a notice of charges to such person or institution. A notice of charges shall specify the acts alleged to sustain a cease and desist order, and state the time and place at which a hearing shall be held. A hearing before the commissioner on the charges shall be held no earlier than seven (7) days, and no later than fifteen (15) days, after issuance of the notice. The charged institution is entitled to a further extension of seven (7) days upon filing a request with the commissioner. The commissioner may also issue a notice of charges if he has reasonable grounds to believe that any person or savings bank is about to engage in any unsafe or unsound business practice, or any violation of this chapter, or any other law, rule, regulation or order. If, by a preponderance of the evidence, it is shown that any person or savings bank is engaged in, or has been engaged in, or is about to engage in, any unsafe or unsound business practice, or unfair and discriminatory practice or any violation of this chapter, or any other law, rule, regulation or order, a cease and desist order shall be issued which shall be permanently binding upon the person or institution until terminated by the commissioner.
(2)
If any person or state savings bank is engaging in, has engaged in, or is about to engage in any unsafe or unsound practice, or unfair and discriminatory practice, in conducting the savings bank's business, or any violation of the act or of any other law, rules, regulation, order or condition imposed in writing by the commissioner, and the commissioner has determined that immediate corrective action is required, the commissioner may issue a temporary cease and desist order without prior notice. A temporary cease and desist order shall be effective immediately upon issuance for a period of fifteen (15) days, and may be extended once for a period of fifteen (15) days. Such an order shall state its duration on its face and the words "Temporary Cease and Desist Order." A hearing before the commissioner shall be held within the time that the order remains effective, at which time a temporary order may be dissolved or made permanent.
Laws, 1992, ch. 489, § 54; Laws, 1994, ch. 622, § 151; Laws, 1996, ch. 400, § 30; reenacted without change, Laws, 1997, ch. 364, § 56; reenacted without change, Laws, 2001, ch. 457, § 56, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-203 - Civil penalties; state savings banks

(1)
Except as otherwise provided in this article, any savings bank which is found to have violated any provision of this article may be ordered to pay a civil penalty not to exceed Twenty Thousand Dollars ($20,000.00). Any savings bank which is found to have violated or failed to comply with any cease and desist order issued under the authority of this article may be ordered to pay a civil penalty not to exceed Twenty Thousand Dollars ($20,000.00) for each day that the violation or failure to comply continues.
(2)
To enforce the provisions of this section, the commissioner is authorized to assess such penalty and to appear in a court of competent jurisdiction and to move the court to order payment of the penalty. Prior to the assessment of the penalty, a hearing shall be held by the commissioner.
(3)
Nothing in this section shall prevent anyone damaged by a state savings bank from bringing a separate cause of action in a court of competent jurisdiction.
Laws, 1992, ch. 489, § 55; reenacted without change, Laws, 1997, ch. 364, § 57; reenacted without change, Laws, 2001, ch. 457, § 57, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-205 - Civil penalties; directors, officers and employees

(1)
Any person, whether a director, officer or employee, who is found to have violated any provision of this article, whether willfully, or as a result of gross negligence, gross incompetency or recklessness, may be ordered to pay a civil penalty not to exceed Five Thousand Dollars ($5,000.00) per violation. Any person who is found to have violated or failed to comply with any cease and desist order issued under the authority of this article may be ordered to pay a civil penalty not to exceed Five Thousand Dollars ($5,000.00) per violation for each day that the violation or failure to comply continues.
(2)
To enforce the provisions of this section, the commissioner is authorized to assess such penalty, to appear in a court of competent jurisdiction and to move the court to order payment of the penalty. Prior to the assessment of the penalty, a hearing shall be held by the commissioner.
(3)
Nothing in this section shall prevent anyone damaged by a director, officer or employee of a state savings bank from bringing a separate cause of action in a court of competent jurisdiction.
Laws, 1992, ch. 489, § 56; reenacted without change, Laws, 1997, ch. 364, § 58; reenacted without change, Laws, 2001, ch. 457, § 58, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-207 - Supervisory control

(1)
Whenever the commissioner determines that a solvent savings bank is conducting its business in an unsafe or unsound manner, or in any fashion which threatens the financial integrity or sound operation of the savings bank, the commissioner may serve a notice of charges on the savings bank, requiring it to show why it should not be placed under supervisory control. Such notice of charges shall specify the grounds for supervisory control, and set the time and place for a hearing. A hearing before the commissioner pursuant to such notice shall be held within fifteen (15) days after issuance of the notice of charges.
(2)
If, after the hearing provided above, the commissioner determines that supervisory control of the savings bank is necessary to protect the savings bank's members, customers, stockholders or creditors, or the general public, the commissioner shall issue an order taking supervisory control of the savings bank.
(3)
If the order taking supervisory control becomes final, the commissioner may appoint an agent to supervise and monitor the operations of the savings bank during the period of supervisory control. During the period of supervisory control, the savings bank shall act in accordance with such instructions as may be given by the commissioner, directly or through his supervisory agent, and shall not fail to act, except when to do so would violate an outstanding cease and desist order.
(4)
Within one hundred eighty (180) days of the date the order taking supervisory control becomes final, the commissioner shall issue an order approving a plan for the termination of supervisory control. The plan may provide for:
(a)
The issuance by the savings bank of capital stock;
(b)
The appointment of one or more officers and/or directors;
(c)
The reorganization, merger or consolidation of the savings bank;
(d)
The dissolution and liquidation of the savings bank;
(e)
Other such measures as determined by the commissioner.
The order approving the plan shall not take effect until thirty (30) days after issuance during which time period an appeal may be filed in accordance with the provisions of Section
81-14-175
.
(5)
All costs of this proceeding shall be paid by the savings bank.
(6)
For the purpose of this section, an order shall be deemed final if:
(a)
No appeal is filed within the specific time allowed for the appeal; or
(b)
All judicial appeals are exhausted.
(7)
If a savings bank is insolvent, the provisions of Section
81-14-211
shall apply.
Laws, 1992, ch. 489, § 57; Laws, 1994, ch. 622, § 152; Laws, 1996, ch. 400, § 31; reenacted without change, Laws, 1997, ch. 364, § 59; reenacted without change, Laws, 2001, ch. 457, § 59, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-213 - Judicial review

Any person or state savings bank against whom a cease and desist order is issued or a fine is imposed may have such order or fine reviewed by a court of competent jurisdiction. Except as otherwise provided, an appeal may be made only within thirty (30) days of the issuance of the order or the imposition of the fine, whichever is later.
Laws, 1992, ch. 489, § 60; reenacted without change, Laws, 1997, ch. 364, § 62; reenacted without change, Laws, 2001, ch. 457, § 62, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-215 - Indemnity

No person who is fined or penalized for a violation of any criminal provision of this article shall be reimbursed or indemnified in any fashion by the savings bank for such fine or penalty.
Laws, 1992, ch. 489, § 61; reenacted without change, Laws, 1997, ch. 364, § 63; reenacted without change, Laws, 2001, ch. 457, § 63, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-217 - Cumulative penalties

All penalties, fines and remedies provided by this article shall be cumulative.
Laws, 1992, ch. 489, § 62; reenacted without change, Laws, 1997, ch. 364, § 64; reenacted without change, Laws, 2001, ch. 457, § 64, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 5 - ENFORCEMENT (§§ 81-14-201 — 81-14-219) › Section 81-14-219 - Emergency limitations

The commissioner, with the approval of the Governor, may impose a limitation upon the amounts withdrawable or payable from deposit accounts of savings banks during any specifically defined period when such limitation is in the public interest and welfare.
Laws, 1992, ch. 489, § 63; reenacted without change, Laws, 1997, ch. 364, § 65; reenacted without change, Laws, 2001, ch. 457, § 65, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-251 - Membership of a mutual institution

The membership of a mutual state savings bank shall consist of:
(a)
Any person who holds deposit accounts in a savings bank; or
(b)
Any person who borrows funds and becomes obligated on a loan from the savings bank, for such time as the loan remains unpaid, or the borrower remains liable to the savings bank for the payment thereof.
Any person in his own right, or in a trust or other fiduciary capacity, or any partnership, association, corporation, political subdivision or public or government unit or entity may become a member of a mutual savings bank. Members shall possess such voting rights and other rights as provided by a savings bank's certificate of incorporation and bylaws. Such members shall be considered the owners of a mutual savings bank.
Laws, 1992, ch. 489, § 64; reenacted without change, Laws, 1997, ch. 364, § 66; reenacted without change, Laws, 2001, ch. 457, § 66, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-253 - Directors

(1)
The directors of a mutual savings bank shall be elected by the members at an annual meeting, held pursuant to the terms of Section
81-14-261
, for such terms as the bylaws of the savings bank may provide. Director's terms may be specified in the certificate of incorporation. Voting for directors by deposit account holders shall be weighted according to the total amount of deposit accounts held by such members, subject to any maximum number of votes per member which a savings bank may choose to prescribe in its bylaws. Voting rights for borrowers shall be as prescribed in the bylaws. Such requirements shall be fully prescribed in a detailed manner in the bylaws of the savings bank.
(2)
Each director of a state savings bank shall, in his own name, own capital stock in, or have a deposit relationship with the state savings bank on an unencumbered basis as follows:
(a)
For stock savings banks under Fifty Million Dollars ($50,000,000.00) in assets, stock ownership in the institution or its holding company of Two Thousand Five Hundred Dollars ($2,500.00) in market value at time of purchase; or
(b)
For mutual savings banks under Fifty Million Dollars ($50,000,000.00) in assets, a Two Thousand Five Hundred Dollar ($2,500.00) deposit relationship; or
(c)
For stock savings banks over Fifty Million Dollars ($50,000,000.00) in assets, stock ownership in the institution or its holding company of Five Thousand Dollars ($5,000.00) in market value at the time of purchase; or
(d)
For mutual savings banks over Fifty Million Dollars ($50,000,000.00) in assets, a Five Thousand Dollar ($5,000.00) deposit relationship. For savings banks that cross the Fifty Million Dollar ($50,000,000.00) threshold, the commissioner shall allow a reasonable period for the directors to comply with the ownership interest requirement.
(3)
Every state savings bank shall have no less than five (5) directors, two-thirds (2/3) of which shall be residents of this state. In addition, not more than two (2) of the directors may be members of the same immediate family, nor may there be more than one (1) director who is an attorney with a particular law firm.
(4)
A majority of the directors must not be salaried officers or employees of the savings bank or of any subsidiary or, except in the case of a savings bank having eighty percent (80%) or more of any class of voting shares owned by a holding company, any holding company affiliate thereof.
Laws, 1992, ch. 489, § 65; Laws, 1996, ch. 400, § 36; reenacted without change, Laws, 1997, ch. 364, § 67; reenacted without change, Laws, 2001, ch. 457, § 67, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-257 - Amendments to charter of incorporation and bylaws

Any amendments to the charter of incorporation or bylaws of a savings bank shall be certified by the appropriate corporation official and submitted to the commissioner for his approval before they may become effective.
Laws, 1992, ch. 489, § 67; reenacted without change, Laws, 1997, ch. 364, § 69; reenacted without change, Laws, 2001, ch. 457, § 69, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-259 - Voting rights

Voting rights in the affairs of a state savings bank may be exercised by members and stockholders by voting either in person or by proxy. The commissioner shall promulgate rules and regulations governing forms of proxies, holders of proxies and proxy solicitation.
Laws, 1992, ch. 489, § 68; reenacted without change, Laws, 1997, ch. 364, § 70; reenacted without change, Laws, 2001, ch. 457, § 70, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-261 - Annual meetings notice required

(1)
Each savings bank shall hold an annual meeting of its members or stockholders. The annual meeting shall be held at a time and place as provided in the bylaws or determined by the board of directors.
(2)
The board of directors of a mutual savings bank shall publish once a week for two (2) weeks preceding such meeting, in a newspaper of general circulation in the county where such savings bank has its principal office, a notice of the annual meeting. Such notice shall be signed by the savings bank's secretary and shall state the time and place where it is to be held. In addition to the foregoing notice, each savings bank shall disseminate additional notice of any annual meeting to all members entering the premises of any office or branch of the savings bank in the regular course of business by posting therein, in full view of the public and such members, one or more conspicuous signs or placards announcing the time, date and place of the meeting and the availability of additional information. Printed matter shall be freely available to such members containing any information as prescribed in rules and regulations issued by the commissioner. Such additional notice shall be given at any time within the period of sixty (60) days prior to and fourteen (14) days prior to the meeting and shall continue through the time of the meeting.
(3)
The board of directors of a stock savings bank shall cause a written or printed notice signed by the savings bank's secretary, and stating the time and place of the annual meeting to be delivered not less than ten (10) days nor more than fifty (50) days before the date of the meeting, either personally or by mail to each stockholder of record entitled to vote at the meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States Postal Service addressed to the stockholder at his address as it appears on the records of the corporation, with postage thereon prepaid.
Laws, 1992, ch. 489, § 69; reenacted without change, Laws, 1997, ch. 364, § 71; reenacted without change, Laws, 2001, ch. 457, § 71, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-263 - Special meetings; notice required

Special meetings of members or stockholders of a savings bank may be called by the president or the board of directors or by such other officers or persons as provided in the charter or bylaws of the savings bank. Notice of any special meeting of members or stockholders shall be given in the same manner as provided for annual meetings under Section
81-14-261
.
Laws, 1992, ch. 489, § 70; reenacted without change, Laws, 1997, ch. 364, § 72; reenacted without change, Laws, 2001, ch. 457, § 72, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-265 - Quorum

Unless otherwise provided in the savings bank's charter or bylaws, fifty (50) holders of deposit accounts in a mutual savings bank, or fifty (50) stockholders or a majority of shares eligible to vote in a stock savings bank, present in person or represented by proxy, shall constitute a quorum at any annual or special meeting.
Laws, 1992, ch. 489, § 71; reenacted without change, Laws, 1997, ch. 364, § 73; reenacted without change, Laws, 2001, ch. 457, § 73, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 6 - CORPORATE ADMINISTRATION (§§ 81-14-251 — 81-14-267) › Section 81-14-267 - Bonding

(1)
A savings bank shall maintain a blanket indemnity bond of at least a minimum amount as prescribed by the commissioner.
(2)
A savings bank which employs collection agents, who for any reason are not covered by the bond as herein required, shall provide for the bonding of each agent in an amount equal to at least twice the average monthly collections of such agent. Such agents shall be required to make settlement with the institution at least once monthly. No such coverage by bond will be required of any agent which is an institution insured by the Federal Deposit Insurance Corporation. The amount and form of such bonds and the sufficiency of the surety thereon shall be approved by the board of directors and the commissioner before such bonds are valid. All such bonds shall provide that a cancellation thereof, either by the surety or by the insured, shall not become effective until thirty (30) days' notice in writing has been given to the commissioner.
Laws, 1992, ch. 489, § 72; reenacted without change, Laws, 1997, ch. 364, § 74; reenacted without change, Laws, 2001, ch. 457, § 74, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-305 - Prohibited security

No savings bank, or subsidiary thereof, may accept its own capital stock or its own mutual capital certificates as security for any loan made by such savings bank. Further, no loans of any type shall be made, either directly or indirectly, for purposes relating to its own stock.
Laws, 1992, ch. 489, § 75; reenacted without change, Laws, 1997, ch. 364, § 77; reenacted without change, Laws, 2001, ch. 457, § 77, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-307 - Loan conditioned on certain transactions prohibited

(1)
No savings bank, or subsidiary thereof, shall require as a condition of making a loan that the borrower contract with any specific person or organization for particular goods or services.
(2)
A savings bank, or subsidiary thereof, must notify borrowers at or prior to the loan commitment of their right to select the attorney or law firm rendering legal services in connection with the loan, and the person or organization rendering insurance services in connection with the loan. Notwithstanding the notice requirement, a savings bank, or subsidiary thereof, may refuse to make any loan if it believes on reasonable grounds that the services provided by the person or organization selected by the borrower will afford insufficient protection to such institution or subsidiary.
(3)
A savings bank, or subsidiary thereof, may require borrowers to reimburse such savings bank for legal services rendered by its own attorney only when the fee is limited to legal services required by the making of such loan and the borrower has selected the savings bank's attorney in the manner provided by subsection (2) of this section.
Laws, 1992, ch. 489, § 76; reenacted without change, Laws, 1997, ch. 364, § 78; reenacted without change, Laws, 2001, ch. 457, § 78, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 7 - LOANS AND INVESTMENTS (§§ 81-14-301 — 81-14-321) › Section 81-14-309 - Loan expense and fees

(1)
A savings bank may require borrowers to pay all reasonable expenses incurred by the savings bank in connection with making, closing, disbursing, extending, adjusting or renewing loans.
(2)
A savings bank may require a borrower to pay reasonable charges for late payments made during the course of repayment of a loan. Such payments may be levied only upon such terms and conditions as fixed by the savings bank's board of directors and agreed to by the borrower in the loan contract. Such payments shall not be considered interest under the usury laws of this state.
Laws, 1992, ch. 489, § 77; reenacted without change, Laws, 1997, ch. 364, § 79; reenacted without change, Laws, 2001, ch. 457, § 79, eff. 7/1/2001.