reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-511 - Application form

Each application for a license shall be in a form prescribed by the commissioner, signed under oath, and shall include the following:
(a)
The legal name, residence and business address of the applicant and, if the applicant is a partnership, association or corporation, of every member, officer and director thereof.
However, the application need not state the full name and address of each shareholder, if the applicant is owned directly or beneficially by a person which as an issuer has a class of securities registered under Section 12 of the Securities and Exchange Act of 1934 or is an issuer of securities which is required to file reports with the Securities and Exchange Commission under Section 15(d) of the Securities and Exchange Act, provided that the person files with the commissioner such information, documents and reports as are required by the provisions of the Securities and Exchange Act to be filed by the issuer with the Securities and Exchange Commission.
(b)
The complete address of the location at which the applicant proposes to engage in the business of cashing checks.
(c)
Other data and information the department may require with respect to the applicant, its directors, trustees, officers, members or agents.
(d)
Sworn financial statements of the applicant showing a net worth of at least Twenty Thousand Dollars ($20,000.00) for the first license. The applicant shall possess and maintain a net worth of at least Twenty Thousand Dollars ($20,000.00) for the first license and at least Five Thousand Dollars ($5,000.00) for each additional license.
Laws, 1998, ch. 587, § 6; reenacted and amended, Laws, 1999, ch. 481, § 6; reenacted without change, Laws, 2003, ch. 341, § 6; reenacted without change, Laws, 2007, ch. 488, § 6; reenacted without change, Laws, 2011, ch. 309, § 6, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 6, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-513 - Investigations, findings and posting of licenses

(1)
Upon filing of an application in a form prescribed by the commissioner, accompanied by the documents required in this article, the department shall investigate to ascertain whether the qualifications prescribed by Sections
75-67-509
and
75-67-511
have been satisfied. If the commissioner finds that the qualifications have been satisfied and, if he approves the documents so filed by the applicant, he shall issue to the applicant a license to engage in the business of check cashing in this state.
(2)
The license shall be kept conspicuously posted in the place of business of the licensee.
Laws, 1998, ch. 587, § 7; reenacted and amended, Laws, 1999, ch. 481, § 7; reenacted without change, Laws, 2003, ch. 341, § 7; reenacted without change, Laws, 2007, ch. 488, § 7; reenacted without change, Laws, 2011, ch. 309, § 7, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 7, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-516 - Licensee prohibited from advertising, displaying, or publishing false or misleading statements

A licensee shall not advertise, display or publish, or permit to be advertised, displayed or published, in any manner whatsoever, any statement or representation that is false, misleading or deceptive.
Laws, 2001, ch. 534, § 5; reenacted without change, Laws, 2003, ch. 341, § 9; reenacted without change, Laws, 2007, ch. 488, § 9; reenacted without change, Laws, 2011, ch. 309, § 9, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 9, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-517 - Maximum fees; advancing monies; time to deposit check

Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following:
(a)
Three percent (3%) of the face amount of the check or Five Dollars ($5.00), whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state.
(b)
Ten percent (10%) of the face amount of the check or Five Dollars ($5.00), whichever is greater, for personal checks.
(c)
Five percent (5%) of the face amount of the check or Five Dollars ($5.00), whichever is greater, for all other checks, or for money orders.
A licensee may not advance monies on the security of any personal check unless the presenter attests that the check being presented is drawn on a legitimate, open and active account. Except as provided by Section
75-67-519
, any licensee who cashes a check for a fee shall deposit the check not later than three (3) business days from the date the check is cashed.
Laws, 1998, ch. 587, § 9; reenacted and amended, Laws, 1999, ch. 481, § 9; reenacted without change, Laws, 2003, ch. 341, § 10; reenacted without change, Laws, 2007, ch. 488, § 10; reenacted without change, Laws, 2011, ch. 309, § 10, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 10, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-521 - Suspending or revoking license; reinstatement; notice to law enforcement

(1)
The commissioner may, after notice and hearing, suspend or revoke a license if he finds that:
(a)
The licensee, either knowingly, or without the exercise of due care to prevent the same, has violated any provision of this article;
(b)
Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for the license, clearly would have justified the commissioner in refusing the license;
(c)
The licensee has aided, abetted or conspired with an individual or person to circumvent or violate the requirement of this article;
(d)
The licensee, or a legal or beneficial owner of the license, has been convicted of a felony, or has been convicted of a misdemeanor that the commissioner finds directly relates to the duties and responsibilities of the business of check cashing.
(2)
The commissioner may conditionally license or place on probation a person whose license has been suspended or may reprimand a licensee for a violation of this article.
(3)
The manner of giving notice and conducting a hearing as required by subsection (1) of this section shall be performed in accordance with procedures prescribed by the commissioner in rules or regulations adopted under Mississippi Administrative Procedures Law, Section
25-43-1.101
et seq.
(4)
Any licensee may surrender any license by delivering it to the commissioner with written notice of its surrender, but that surrender shall not affect the licensee's civil or criminal liability for acts committed prior thereto.
(5)
The commissioner may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked if no fact or condition then exists which clearly would have justified the commissioner in refusing originally to issue a license under this article.
(6)
The appropriate local law enforcement agency shall be notified of any licensee who has his license suspended or revoked as provided by this article.
(7)
The commissioner shall enforce the provisions of this section.
Laws, 1998, ch. 587, § 11; reenacted and amended, Laws, 1999, ch. 481, § 11; reenacted without change, Laws, 2003, ch. 341, § 12; reenacted without change, Laws, 2007, ch. 488, § 12; reenacted without change, Laws, 2011, ch. 309, § 12, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 12, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-523 - Investigative powers and examinations

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this article and for the purpose of determining whether persons are subject to the provisions of this article, may examine persons licensed under this article and persons reasonably suspected by the commissioner of conducting business which requires a license under this article, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this article, including without limiting the conduct of business without a license as required under this article.
Laws, 1998, ch. 587, § 12; reenacted and amended, Laws, 1999, ch. 481, § 12; reenacted without change, Laws, 2003, ch. 341, § 13; reenacted without change, Laws, 2007, ch. 488, § 13; reenacted without change, Laws, 2011, ch. 309, § 13, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 13, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-525 - Engaging in business without license; penalty

(1)
Any person who engages in the business of check cashing without first securing a license prescribed by this article shall be guilty of a misdemeanor and upon conviction thereof, shall be punishable by a fine not in excess of One Thousand Dollars ($1,000.00) or by confinement in the county jail for not more than one (1) year, or both.
(2)
Any person who engages in the business of check cashing without first securing a license prescribed by this article 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. All licensing fees and penalties shall be paid into the Consumer Finance Fund of the Department of Banking and Consumer Finance.
Laws, 1998, ch. 587, § 13; reenacted and amended, Laws, 1999, ch. 481, § 13; Laws, 2001, ch. 534, § 4; reenacted without change, Laws, 2003, ch. 341, § 14; reenacted without change, Laws, 2007, ch. 488, § 14; reenacted without change, Laws, 2011, ch. 309, § 14, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 14, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-527 - Violations; criminal and civil penalties; enforcement; order to refrain; injunctions; bond forfeiture

(1)
In addition to any other penalty which may be applicable, any licensee or employee who willfully violates any provision of this article, or who willfully makes a false entry in any record specifically required by this article, shall be guilty of a misdemeanor and upon conviction thereof, shall be punishable by a fine not in excess of One Thousand Dollars ($1,000.00) per violation or false entry.
(2)
Compliance with the criminal provisions of this article shall be enforced by the appropriate law enforcement agency, which may exercise for that purpose any authority conferred upon the agency by law.
(3)
When the commissioner has reasonable cause to believe that a person is violating any provision of this article, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this article, may enter an order requiring the person to stop or to refrain from the violation. The commissioner may sue in any circuit court of the state having jurisdiction and venue to enjoin the person from engaging in or continuing the violation or from doing any act in furtherance of the violation. In such an action, the court may enter an order or judgment awarding a preliminary or permanent injunction.
(4)
The commissioner may impose a civil penalty against any licensee adjudged by the commissioner to be in violation of the provisions of this article. The civil penalty shall not exceed Five Hundred Dollars ($500.00) per violation and shall be deposited into the Department of Banking and Consumer Finance, "Consumer Finance Fund."
(5)
Any licensee convicted in the manner provided in this article shall forfeit the surety bond or deposit required in Section
75-67-509(c)
and the amount of the bond or deposit shall be credited to the budget of the state or local agency which directly participated in the prosecution of the licensee, for the specific purpose of increasing law enforcement resources for that specific state or local agency. The bond or deposit shall be used to augment existing state and local law enforcement budgets and not to supplant them.
Laws, 1998, ch. 587, § 14; reenacted and amended, Laws, 1999, ch. 481, § 14; reenacted without change, Laws, 2003, ch. 341, § 15; reenacted without change, Laws, 2007, ch. 488, § 15; reenacted without change, Laws, 2011, ch. 309, § 15, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 15, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-529 - Severability

The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, that declaration shall not affect the parts which remain.
Laws, 1998, ch. 587, § 15; reenacted and amended, Laws, 1999, ch. 481, § 15; reenacted without change, Laws, 2003, ch. 341, § 16; reenacted without change, Laws, 2007, ch. 488, § 16; reenacted without change, Laws, 2011, ch. 309, § 16, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 16, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-531 - Application deadline for existing businesses

Check cashers operating check cashing locations in business as of July 1, 1998, shall have until September 30, 1998, to apply for a license under this article, and upon the approval of the application, the commissioner shall grant a license under this article.
Laws, 1998, ch. 587, § 16; reenacted and amended, Laws, 1999, ch. 481, § 16; reenacted without change, Laws, 2003, ch. 341, § 17; reenacted without change, Laws, 2007, ch. 488, § 17; reenacted without change, Laws, 2011, ch. 309, § 17, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 17, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-533 - Forms

The commissioner shall develop and provide any necessary forms to carry out the provisions of this article.
Laws, 1998, ch. 587, § 17; reenacted and amended, Laws, 1999, ch. 481, § 17; reenacted without change, Laws, 2003, ch. 341, § 18; reenacted without change, Laws, 2007, ch. 488, § 18; reenacted without change, Laws, 2011, ch. 309, § 18, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 18, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-535 - Municipal ordinances

Municipalities in this state may enact ordinances which are in compliance with, but not more restrictive than, the provisions of this article. Any existing or future order, ordinance or regulation which conflicts with this provision shall be null and void.
Laws, 1998, ch. 587, § 18; reenacted and amended, Laws, 1999, ch. 481, § 18; reenacted without change, Laws, 2003, ch. 341, § 19; reenacted without change, Laws, 2007, ch. 488, § 19; reenacted without change, Laws, 2011, ch. 309, § 19, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 19, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-537 - Commissioner employees and funds authorized for enforcement

The commissioner may employ the necessary full-time employees above the number of permanent full-time employees authorized for the department for fiscal year 1999, to carry out and enforce the provisions of this article. The commissioner may also expend the necessary funds to equip and provide necessary travel expenses for those employees.
Laws, 1998, ch. 587, § 19; reenacted and amended, Laws, 1999, ch. 481, § 19; reenacted without change, Laws, 2003, ch. 341, § 20; reenacted without change, Laws, 2007, ch. 488, § 20; reenacted without change, Laws, 2011, ch. 309, § 20, eff. 2/24/2011.
Reenacted without change by Laws, 2013, ch. 408, HB 559, 20, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 11 - MISSISSIPPI CHECK CASHERS ACT (§§ 75-67-501 — 75-67-539) › Section 75-67-539 - [Repealed]

Laws, 1998, ch. 587, § 20; reenacted and amended, Laws, 1999, ch. 481, § 20; Laws, 2001, ch. 534, § 6; Laws, 2003, ch. 341, § 21; Laws, 2007, ch. 488, § 21; Laws, 2011, ch. 309, § 21, eff. 2/24/2011.
Repealed by Laws, 2013, ch. 408, HB 559, 21, eff. 3/20/2013.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-601 - [Repealed effective 7/1/2026] Short title

This article shall be known and may be cited as the "Mississippi Credit Availability Act."
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 1, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 1, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 1, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-603 - [Repealed effective 7/1/2026] Definitions

The following words and phrases used in this article shall have the following meanings unless the context clearly indicates otherwise:
(a)
"Appropriate law enforcement agency" means the sheriff of each county in which the licensee maintains an office, or the police chief of the municipality in which the licensee maintains an office, or law enforcement officers of the Department of Public Safety.
(b)
"Attorney General" means the Attorney General of the State of Mississippi.
(c)
"Commissioner" means the Mississippi Commissioner of Banking and Consumer Finance, or his designee, as the designated official for the purpose of enforcing this article.
(d)
"Credit availability account" means all credit availability transactions held in the name of a single person through a single licensee or, if a secured transaction and the property is jointly owned, the names of the persons who jointly own the property that is being used as security for the transaction. That person or those persons shall be the "account holder" or "account holders."
(e)
"Credit availability transaction" means a transaction whereby a credit availability licensee provides a consumer with a fully amortized loan, secured or unsecured, payable in substantially equal payments due monthly, or on any other schedule mutually agreed upon by the licensee and the consumer, over an overall term of four (4) to twelve (12) months, calculated on the amount initially disbursed to the account holder or holders plus any fees that may be charged in an amount and manner provided for under this article.
(f)
"Department" means the Department of Banking and Consumer Finance.
(g)
"Licensee" means any individual, partnership, association or corporation duly licensed by the Department of Banking and Consumer Finance to engage in the business of providing credit availability transactions under this article.
(h)
"Month" means the calendar month beginning on and including the date of the credit availability transaction.
(i)
"Person" means an individual, partnership, corporation, joint venture, trust, association or any legal entity, however organized.
(j)
"Written" and "writing" includes communication of information in an electronic record consistent with the federal Electronic Signatures in Global and National Commerce (E-SIGN) Act,
15 USC Section 7001
et seq.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 2, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 2, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 2, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-607 - [Repealed effective 7/1/2026] Exemptions

The provisions of this article shall not apply to any bank, trust company, savings association, savings and loan association, savings bank or credit union that is chartered under the laws of this state or under federal law and domiciled in this state.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 4, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 4, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 4, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-611 - [Repealed effective 7/1/2026] Application form

Each application for a license shall be in a form prescribed by the commissioner, signed under oath or otherwise authenticated in a record, and shall include the following:
(a)
The legal name, residence and business address of the applicant and, if the applicant is a partnership, association or corporation, of every member, officer and director thereof. However, the application need not state the full name and address of each shareholder, if the applicant is owned directly or beneficially by a person which as an issuer has a class of securities registered under Section 12 of the Securities and Exchange Act of 1934 or is an issuer of securities which is required to file reports with the Securities and Exchange Commission under Section 15(d) of the Securities and Exchange Act, provided that the person files with the commissioner such information, documents and reports as are required by the provisions of the Securities and Exchange Act to be filed by the issuer with the Securities and Exchange Commission.
(b)
The complete address of the location at which the applicant proposes to engage in the business of offering credit availability transactions.
(c)
Other data and information the department may require with respect to the applicant, its directors, trustees, officers, members or agents.
(d)
Sworn financial statements of the applicant showing a net worth of at least Twenty Thousand Dollars ($20,000.00) for the first license. The applicant shall possess and maintain a net worth of at least Twenty Thousand Dollars ($20,000.00) for the first license and at least Five Thousand Dollars ($5,000.00) for each additional license.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 6, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 6, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 6, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-613 - [Repealed effective 7/1/2026] Investigations, findings and posting of licenses

(1)
Upon filing of an application in a form prescribed by the commissioner, accompanied by the documents required in this article, the department shall investigate to ascertain whether the qualifications prescribed in this article have been satisfied. If the commissioner finds that the qualifications have been satisfied and, if he approves the documents so filed by the applicant, he shall issue to the applicant a license to engage in the credit availability business in this state.
(2)
The license shall be kept conspicuously posted in the place of business of the licensee.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 7, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 7, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 7, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-615 - [Repealed effective 7/1/2026] Licensee duties; regulations; examinations of books and records

(1)
The department may adopt reasonable administrative regulations, not inconsistent with law, for the enforcement of this article and shall develop and provide any necessary forms or other documentation to carry out the provisions of this article.
(2)
To assure compliance with the provisions of this article, the department may examine the books and records of any licensee without notice during normal business hours. The commissioner may charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each office or location within the State of Mississippi plus any actual expenses incurred while examining the licensee's records or books that are located outside the State of Mississippi. However, in no event shall a licensee be examined more than once in a two-year period unless for cause shown based upon a consumer complaint and/or other exigent reasons as determined by the commissioner.
(3)
Each licensee shall keep and use in its business any books, accounts and records the department may require to carry into effect the provisions of this article and the administrative regulations issued under this article. Every licensee shall preserve the books, accounts and records of its business for at least two (2) years.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 8, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 8, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 8, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-617 - [Repealed effective 7/1/2026] Advertising, displaying or publishing false or misleading statements prohibited

A licensee shall not advertise, display or publish, or permit to be advertised, displayed or published, in any manner whatsoever, any statement or representation that is false, misleading or deceptive.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 9, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 9, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 9, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-621 - [Repealed effective 7/1/2026] Licensee to provide account holder with a written explanation of fees and charges

(1)
A licensee shall provide each prospective account holder, before consummation of a credit availability transaction, a written explanation of the fees, and charges to be charged by the licensee and the due dates for all payments. The style, content, and method of executing the required written explanation shall comply with federal truth-in-lending laws and shall contain a statement that the account holder may prepay the unpaid balance, in whole or in part, at any time. The commissioner may promulgate rules in accordance with this article in order to assure complete and accurate disclosure of the fees and charges to be charged by a licensee under a credit availability agreement. At a minimum, the written explanation must include:
(a)
The amount of the transaction;
(b)
The date the agreement was entered into;
(c)
A schedule or description of the payments;
(d)
The name and address of the licensed office;
(e)
The name of the person primarily obligated on the agreement;
(f)
The amount of the principal;
(g)
The agreed rate of charge stated on a percent per year basis and the amount in dollars and cents;
(h)
All other disclosures required pursuant to state and federal law.
(2)
The contract for any credit availability agreement shall include, along with other state or federal law requirements, the right for an account holder to rescind the transaction within one (1) business day; provided, however, that if the account holder accepts funds from the credit availability licensee prior to the expiration of the one-day rescission period, any origination fee charged shall be nonrefundable.
(3)
A licensee with a physical location in this state shall display in its consumer waiting area, and shall provide a copy to any account holder that requests it, a pamphlet prepared by the department that describes general information about the transaction and about the account holder's rights and responsibilities in the transaction, including the rates and fees charged by the licensee, the licensee's rights in event of default by the consumer, the maximum allowable account balance, and the consumer hotline telephone number to the Mississippi Department of Banking and Consumer Finance. The licensee shall add the account information and/or complaint hotline telephone number of the licensee to the pamphlet. A licensee without a physical location in this state shall make the information available on its website.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 11, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 11, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 11, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-623 - [Repealed effective 7/1/2026] Suspending or revoking license; reinstatement; notice to law enforcement

(1)
The commissioner may, after notice and hearing, suspend or revoke a license if he finds that:
(a)
The licensee, either knowingly, or without the exercise of due care to prevent the same, has violated any provision of this article;
(b)
Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for the license, clearly would have justified the commissioner in refusing the license;
(c)
The licensee has aided, abetted or conspired with an individual or person to circumvent or violate the requirement of this article;
(d)
The licensee, or a legal or beneficial owner of the license, has been convicted of a crime that the commissioner finds directly relates to the duties and responsibilities of the business of offering credit availability transactions.
(2)
The commissioner may conditionally license or place on probation a person whose license has been suspended or may reprimand a licensee for a violation of this article.
(3)
The manner of giving notice and conducting a hearing as required by subsection (1) of this section shall be performed in accordance with procedures prescribed by the commissioner in rules or regulations adopted under the Mississippi Administrative Procedures Law, Section
25-43-1
et seq.
(4)
Any licensee may surrender any license by delivering it to the commissioner with written notice of its surrender, but that surrender shall not affect the licensee's civil or criminal liability for acts committed prior thereto.
(5)
The commissioner may reinstate suspended licenses or issue new licenses to a person whose licenses have been revoked if no fact or condition then exists which clearly would have justified the commissioner in refusing originally to issue a license under this article.
(6)
The appropriate local law enforcement agency shall be notified of any licensee who has his license suspended or revoked as provided by this article.
(7)
The commissioner shall enforce the provisions of this section.
(8)
No revocation, suspension or surrender of any license shall impair or affect the obligation of any pre-existing lawful contract between the licensee and any debtor.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 12, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 12, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 12, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-625 - [Repealed effective 7/1/2026] Investigative powers and examinations

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this article and for the purpose of determining whether persons are subject to the provisions of this article, may examine persons licensed under this article and persons reasonably suspected by the commissioner of conducting business which requires a license under this article, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this article, including without limitation the conduct of business without a license as required under this article.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 13, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 13, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 13, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-627 - [Repealed effective 7/1/2026] Engaging in business without license; penalty

(1)
Any person who engages in the business of offering credit availability transactions without first securing a license prescribed by this article shall be guilty of a misdemeanor and upon conviction thereof, shall be punishable by a fine not to exceed One Thousand Dollars ($1,000.00) or by confinement in the county jail for not more than one (1) year, or both.
(2)
Any person who engages in the business of offering credit availability transactions without first securing a license prescribed by this article 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 engaged in the business without a license. All licensing fees and penalties shall be paid into the Consumer Finance Fund of the Department of Banking and Consumer Finance.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 14, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 14, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 14, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-629 - [Repealed effective 7/1/2026] Violations; criminal and civil penalties; enforcement; order to refrain; injunctions; bond forfeiture

(1)
In addition to any other penalty which may be applicable, any licensee or employee who willfully violates any provision of this article, or who willfully makes a false entry in any record specifically required by this article, shall be guilty of a misdemeanor and upon conviction thereof, shall be punishable by a fine not to exceed One Thousand Dollars ($1,000.00) per violation or false entry.
(2)
Compliance with criminal provisions of this article shall be enforced by the appropriate law enforcement agency, which may exercise for that purpose any authority conferred upon the agency by law.
(3)
When the commissioner has reasonable cause to believe that a person is violating any provision of this article, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this article, may enter an order requiring the person to stop or to refrain from the violation. The commissioner may sue in any circuit court of the state having jurisdiction and venue to enjoin the person from engaging in or continuing the violation or from doing any action in furtherance of the violation. In such an action, the court may enter an order or judgment awarding a preliminary or permanent injunction.
(4)
The commissioner may impose a civil penalty against any licensee adjudged by the commissioner to be in violation of the provisions of this article. The civil penalty shall not exceed Five Hundred Dollars ($500.00) per violation and shall be deposited into the Department of Banking and Consumer Finance, "Consumer Finance Fund."
(5)
Any licensee convicted in the manner provided in this article shall forfeit the surety bond or deposit required in this article and the amount of the bond or deposit shall be credited to the budget of the state or local agency which directly participated in the prosecution of the licensee, for the specific purpose of increasing law enforcement resources for that specific state or local agency. The bond or deposit shall be used to augment existing state and local law enforcement budgets and not to supplant them.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 15, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 15, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 15, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-631 - [Repealed effective 7/1/2026] Severability

The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, that declaration shall not affect the parts that remain.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 16, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 16, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 16, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-633 - [Repealed effective 7/1/2026] Municipal ordinances

(1)
Municipalities of this state may enact ordinances that are in compliance with, but not more restrictive than, the provisions of this article. Any existing or future order, ordinance or regulation that conflicts with this provision shall be null and void.
(2)
Notwithstanding any existing zoning ordinance, any person or entity conducting business under a valid license issued by the department pursuant to Section
75-67-401
et seq. or Section
75-67-501
et seq., as of July 1, 2016, that elects to secure a license under this article may not be restricted from continuing operations under this article in the same location, regardless of whether the licensee elects to continue, if permitted by law, or to terminate its previous license.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 17, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 17, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 17, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-635 - [Repealed effective 7/1/2026] Commissioner employees and funds authorized for enforcement

The commissioner may employ the necessary full-time employees above the number of permanent full-time employees authorized for the department for fiscal year 2016 to carry out and enforce the provisions of this article. The commissioner may also expend the necessary funds to equip and provide necessary travel expenses for those employees.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 18, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 18, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 18, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-637 - [Repealed effective 7/1/2026] Liability of licensees

(1)
A licensee under this article shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred the rule, regulation, interpretation, approval or opinion is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
(2)
A licensee under this article, acting in conformity with a written interpretation or approval by an official or employee of any state or federal agency or department, shall be presumed to have acted in accordance with applicable law, notwithstanding that after such act has occurred, the interpretation or approval is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason.
Reenacted by Laws, 2021, ch. 353, HB 1075,§ 19, eff. 7/1/2021.
Reenacted without change by Laws, 2018, ch. 404, HB 811,§ 19, eff. 7/1/2018.
Added by Laws, 2016, ch. 500, SB 2409, 19, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 13 - MISSISSIPPI CREDIT AVAILABILITY ACT (§§ 75-67-601 — 75-67-639) › Section 75-67-639 - [Repealed effective 7/1/2026] Repeal of Sections 75-67-601 through 75-67-639

Sections
75-67-601
through
75-67-639
shall stand repealed on July 1, 2026.
Amended by Laws, 2021, ch. 353, HB 1075,§ 22, eff. 7/1/2021.
Added by Laws, 2018, ch. 404, HB 811,§ 22, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 69 - FARM LOAN BONDS (§§ 75-69-1 — 75-69-9) › Section 75-69-1 - Declaration of purpose

It is the purpose of this chapter to encourage and to promote agriculture and agricultural production as the basis of the prosperity of all the people by assisting the availability for agricultural purposes, and for those engaged therein, of satisfactory credit facilities at a low rate of interest under the farmers cooperative system, as established in the laws of the United States by the provisions of the Federal Farm Loan Act, the Farm Credit Act of 1933, and acts amendatory of and supplementary to each of said acts.
Codes, Hemingway's 1921 Supp. § 4533a; 1930, § 4673; 1942, § 4758; Laws, 1920, ch. 182; Laws, 1958, ch. 139, § 1.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 69 - FARM LOAN BONDS (§§ 75-69-1 — 75-69-9) › Section 75-69-3 - Farm credit securities; security for all public funds

Federal farm loan bonds issued by the federal land banks, debentures issued by federal intermediate credit banks, and debentures issued by banks for cooperatives pursuant to said acts (all of such bonds and debentures being hereinafter called farm credit securities) are hereby designated as security for every character of public funds, and especially for the purpose of securing deposits made in designated depositories, of funds of the State of Mississippi, and of funds of the various counties, municipalities, levee boards, supervisors districts, school districts, rural electrification associations and authority, or any other public or municipal subdivisions which may now or hereafter exist in the State of Mississippi. Existing laws as to the designation of proper depositories for public funds are in nowise hereby disturbed.
Codes, Hemingway's 1921 Supp. § 4533b; 1930, § 4674; 1942, § 4759; Laws, 1920, ch. 182; Laws, 1958, ch. 139, § 2.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 69 - FARM LOAN BONDS (§§ 75-69-1 — 75-69-9) › Section 75-69-5 - Purchase of farm credit securities by executors, trustees, administrators and guardians, etc

All trustees, executors, guardians and other fiduciaries in this state (unless prohibited by the will, deed or trust instrument, or unless any such trust instrument prescribes other investments exclusively) and administrators may, in addition to investments otherwise authorized by law, invest all funds held in trust or for investment in farm credit securities without the necessity of any precedent order of the chancery court and no liability whatsoever shall be incurred by any such fiduciary in purchasing farm credit securities without a precedent order of court.
Codes, Hemingway's 1921 Supp. § 4533c; 1930, § 4675; 1942, § 4760; Laws, 1920, ch. 182; Laws, 1958, ch. 139, § 3.