Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-189 - Foreign associations; activities of federal associations and certain foreign associations not constituting doing of business within state; subjectivity to suit

(1)
For the purposes of Section
81-12-187
and this section and any other law of this state prohibiting, limiting, regulating, charging or taxing the doing of business in this state by foreign associations or foreign corporations of any type, any federal association the principal office of which is located outside this state, and any foreign association which is located outside this state, and any foreign association which is subject to state or federal supervision, or both, which by law is subject to periodic examination by such supervisory authority and to a requirement of periodic audit, shall not be considered to be doing business in this state, nor shall any of its intangible properties be deemed to have a business, commercial or actual situs in this state by reason of engaging in any of the following activities:
(a)
The purchase, acquisition, holding, sale, assignment, transfer, collecting and enforcement of obligations or any interest therein secured by real estate mortgages or other instruments in the nature of a mortgage, covering real property located in this state, or the foreclosure of such instruments, or the acquisition of title to such property by foreclosure, or otherwise, as a result of default under such instruments, or the holding, protection, rental, maintenance and operation of said property so acquired, or the disposition thereof.
(b)
The advertising or solicitation of savings accounts, or the making of any representations with respect thereto in this state through the media of the mail, radio, television, magazines, newspapers or any other media which are published or circulated within this state, provided that such advertising, soliciting or the making of such representations shall be accurately descriptive of the fact and shall conform to the limitations set forth in this chapter regarding associations.
(c)
The purchase of a participating interest in loans of associations, subject to such regulations as the commissioner may adopt.
(2)
Any foreign association or federal association described in subsection (1) which engages in any of the activities described in paragraph (a) thereof pursuant to the provisions of this section shall in any connection therewith be subject to suit in the courts of this state by this state and the citizens of this state, and service on such association shall be effected by serving the Secretary of State of this state, provided that the provisions of this section shall have no other application to the question of whether any foreign association or federal association is subject to service of process and suit in this state as a result of the transaction of business or other activities in this state.
Laws, 1977, ch. 445, § 58(6, 7); reenacted, Laws, 1982, ch. 301, § 95; Laws, 1990 Ex Sess, ch. 52, § 98; Laws, 1993, ch. 441, § 99; reenacted and amended, Laws, 1994, ch. 622, § 131; reenacted without change, Laws, 1997, ch. 496, § 96; reenacted without change, Laws, 2001, ch. 488, § 98, eff. 7/1/2001.