Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 1 - Organization and Method of Operation › Rule 5-4-1.2 - Authority

Current through June 25, 2024
Authority of the Department of Banking and Consumer Finance
				  to examine banking institutions. The Department of Banking and Consumer Finance
				  was created and solely charged with the execution of all laws relating to
				  corporations, carrying on a banking business in the State of Mississippi. The
				  office of the Department of Banking and Consumer Finance shall be in the city
				  of Jackson Mississippi, and the Secretary of State shall provide suitable
				  quarters therefore.
Organizational Structure
1. Commissioner
The management, control and direction of the department shall
				  be vested in the Commissioner of Banking and Consumer Finance, who shall be
				  directly responsible for the proper functioning of the department. The
				  commissioner shall be a banker who possesses not less than ten (10) consecutive
				  years of active banking experience of which five (5) years' experience were
				  performed in a major policy-making function as an executive officer, or shall
				  be a person who possesses fifteen (15) years of active experience as a state or
				  federal financial institutions examiner. The commissioner shall have been
				  active in such major policy-making function or actively employed by the state
				  or federal financial institutions regulatory authority within the previous five
				  (5) years of his appointment. The commissioner shall be appointed by the
				  Governor, with the advice and consent of the Senate, for a term of office of
				  four (4) years, commencing on the day of appointment or on July 1 of the year
				  in which the Governor is inaugurated, whichever comes first. The commissioner
				  shall serve until his successor is appointed and qualified, but in no event
				  shall he serve past the July 1 occurring after the end of the term of the
				  Governor who appointed him, unless he shall be reappointed by the new Governor.
				  If, for any cause, a vacancy occurs in the office of the commissioner, the
				  Governor shall make the appointment for the unexpired term.
The commissioner shall be of good moral character, thoroughly
				  understanding the theory and practice of banking, and must be a qualified
				  elector of the State of Mississippi. The commissioner shall not be an officer,
				  director or employee of any banking corporation during his entire term as
				  commissioner, effective from the time of his appointment.
The commissioner may be removed by the Governor for good
				  cause, but only after notice and a hearing.
2. Deputy commissioner
The commissioner shall appoint a deputy commissioner, with
				  the approval of the board, who shall perform such duties as may be required of
				  him by the commissioner. If the office of the commissioner is vacant or if the
				  commissioner is absent or unable to act, the deputy commissioner shall be the
				  acting commissioner. The deputy commissioner shall have five (5) years'
				  experience as a bank officer or employee, or three (3) years' experience as a
				  bank president or managing officer of a bank, or five (5) years' experience as
				  a state or federal bank examiner.
Copies of papers in the office of the department may be
				  certified by the deputy commissioner, with the seal of the department affixed
				  thereto, with like effect as though certified by the commissioner. The
				  commissioner shall be responsible for all acts of the deputy commissioner, and
				  may dismiss him at his pleasure, with the reasons therefore to be reported to
				  the board within ten (10) days of the dismissal.
3. Examiners
The commissioner shall employ such assistants, to be known as
				  state banking examiners, as may be necessary for the efficient operation of the
				  department, to aid him in the discharge of the duties and responsibilities
				  imposed upon him by law. The minimum qualifications for such employment shall
				  be possession of a bachelor's degree from a recognized college or university,
				  or three (3) years' experience as a bank examiner, bank officer or employee,
				  small loan company officer or employee, or other consumer finance officer or
				  employee and such other qualifications set out for banking examiners in the
				  plan for the state personnel system. However, notwithstanding any provisions to
				  the contrary, any person who is serving as a state banking examiner in the
				  former Department of Bank Supervision on March 21, 1980, shall be qualified to
				  serve as a state banking examiner in the department. The state bank examiners
				  shall not, directly or indirectly, be connected with any banking business in
				  Mississippi or elsewhere during their respective terms of office, after four
				  (4) months from the time of qualifying as an examiner.
The commissioner may employ such additional employees as may
				  be necessary to carry out those duties and responsibilities imposed upon him by
				  law, who shall possess such qualifications set out for their particular
				  position in the plan for the state personnel system.
No examiner or other employee related by consanguinity or
				  affinity to the commissioner within the third degree computed according to the
				  civil law shall be employed by him.
The examiners and all other persons employed by the
				  commissioner under the provisions of this section shall be compensated as
				  provided in the compensation plan for the state personnel system, unless
				  otherwise provided by law. The compensation for such employees shall be payable
				  monthly out of the funds of the department.
The commissioner shall be responsible for all acts of the
				  examiners and the other employees. Any examiner or other employee may be
				  dismissed only in accordance with the laws, rules and regulations applicable to
				  the state personnel system.
As a condition of employment with the department, the
				  commissioner shall require all employees and applicants for employment with the
				  department to be fingerprinted to determine their suitability for employment as
				  examiners or assistants as needed. If no disqualifying record is identified at
				  the state level, the Department of Public Safety shall forward the fingerprints
				  to the Federal Bureau of Investigation (FBI) for a national criminal history
				  record check. The Department of Banking and Consumer Finance shall pay all of
				  the costs in connection with the criminal history record check procedure. These
				  record checks shall not be used by the Department of Banking and Consumer
				  Finance for any purpose other than to determine suitability for employment with
				  the department.
Miss. Code Ann.
				  §§
										§ 81-1-59(2001); § 81-1-61(2001); § 81-1-63(2001);
				  § 81-1-65(2007).