reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 4 - Auditor › Part 6 - Property Audits › Chapter 1 - Regulation Regulating Property Inventory › Rule 4-6-1.4

Current through June 25, 2024
In the event an agency is required to include an item on its
				  property inventory list using the item's fair market value, the agency will be
				  required to maintain adequate documentation to justify how they arrived at the
				  fair market value.
Miss. Code Ann. §
										7-7-211.
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-A

Current through June 25, 2024
Page _____
INVENTORY AND VALUATION OF PROPERTY
________________________ (FIXED
						ASSET)
September 30, 20___
DEPARTMENT/DISTRICT:
						_______________________________
Description
Serial/Model Number
Property Control Number
Date Purchased
Cost or Other Basis
TOTAL
$
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-B

Current through June 25, 2024
___________________________________________
__________________________
Description
Reference
Beginning Balance
Purchase/ Additions
Sales/ Deletions
Ending Balance
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-C

Current through June 25, 2024
PROPERTY NO.:
						_____________________________________
ACRES
LOCATION
LEGAL DESCRIPTION
Method of Acquisition
Date
Check No.
Amount
M.B. No.
Page No.
( ) Purchased
( ) Constructed
( ) Donated (FMV)
( ) Other
Total Acquisition Cost
Improvements:
Total Cost
Type Deed
Volume Recorded
Page
Date
Abstract of Title
Date
Appraised By
Amount
Date
Capitalized By
Amount
Date
DISPOSAL
How Disposed Of
Book Value
Date
Sold or Disposed Of
Amount
Date
Notes and Remarks
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-D

Current through June 25, 2024
PROPERTY NO.:
						_____________________________________
Description of Building
Location
Occupied By
Method of Acquisition
Date
Check No.
Amount
M.B. No.
Page No.
Remarks
( ) Purchased
( ) Constructed
( ) Donated (FMV)
( ) Other
Total Acquisition Cost
Improvements:
Total Cost
Appraised By
Amount
Date
Capitalized By
Amount
Date
DISPOSAL
How Disposed Of
Book Value
Date
Sold or Disposed Of
Amount
Date
Remarks
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-E - [Repealed]

Current through June 25, 2024
PROPERTY NO.:
						_________________________________________________
Description of Improvements
Location
Method of Acquisition
Date
Check No.
Amount
M.B. No.
Page No.
Remarks
( ) Purchased
( ) Constructed
( ) Donated (FMV)
( ) Other
Total Acquisition Cost
Improvements:
Total Cost
Appraised By
Amount
Date
Capitalized By
Amount
Date
DISPOSAL
How Disposed Of
Book Value
Date
Sold or Disposed Of
Amount
Date
Remarks
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-F

Current through June 25, 2024
PROPERTY NO.:
						_________________________________________________
Description of Project
Project/Phase
Date
Check No.
Amount
M.B. No.
Page No.
Remarks
Total Cost
DISPOSAL
To
Cost Date
Remarks
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-G

Current through June 25, 2024
DEPARTMENT:
						__________________________________________________________________ PAGE NO.:
						___________
DEPARTMENT HEAD:
						____________________________________________________________
Date Purchased
Description
Vendor
Serial No./ Model No.
Property Control No.
Check No.
Purchase/Addition
Sales/ Deletion
Disposition
Minute Book
Page No.
Date
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-H

Current through June 25, 2024
DEPARTMENT:
						__________________________________________________________________ PAGE NO.:
						___________
DEPARTMENT HEAD:
						____________________________________________________________
Date Purchased
Description
Vendor
Serial No./ Model No.
Property Control No.
Check No.
Purchase/Addition
Sales/ Deletion
Disposition
Minute Book
Page No.
Date
Mississippi Administrative Code › Title 4 - Auditor › Part 7 › Chapter 1 - Municipal Audit and Accounting Guide › Rule 4-7-1.1 › Section 4-7-1.1-II › Exhibit 4-7-1.1-II-I

Current through June 25, 2024
DEPARTMENT:
						__________________________________________________________________ PAGE NO.:
						___________
DEPARTMENT HEAD:
						____________________________________________________________
Date Purchased
Description
Vendor
Property Control No.
Serial Number/ Model Number
Cost
Transfer To
Date
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 1 - Contracts for Audits of Mississippi Counties › Rule 4-8-1.1 - Authority

Current through June 25, 2024
The State Auditor has authority "To postaudit and, when
				  deemed necessary, preaudit and investigate separately the financial affairs of
				  (i) the offices, boards and commissions of county governments and any
				  departments and institutions thereof and therein ..."
Miss. Code Ann. §
										7-7-211
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 1 - Contracts for Audits of Mississippi Counties › Rule 4-8-1.2 - Scope

Current through June 25, 2024
These regulations apply to audit contracts of Mississippi
				  counties, including component units of counties, executed on or after September
				  1, 2012. Any new contracts executed after this date must conform to these
				  regulations.
Miss. Code Ann. §
										7-7-211
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 1 - Contracts for Audits of Mississippi Counties › Rule 4-8-1.3 - Policy

Current through June 25, 2024
Audits may be performed by the Auditor's staff or by a firm
				  registered with the State Auditor and selected by the County, unless the State
				  Auditor decides to hire a firm. In the event the State Auditor hires a firm,
				  the county will be billed by the State Auditor for the firm's services.
				  Payments made for these services will be made to the State Auditor, who will in
				  turn pay the firm.
Miss. Code Ann. §
										7-7-211
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 1 - Contracts for Audits of Mississippi Counties › Rule 4-8-1.4 - Procedure

Current through June 25, 2024
Before engaging a firm to perform an audit on his behalf, the
				  State Auditor will obtain competitive proposals utilizing the procedures
				  outlined in Chapter 3 of the Mississippi Procurement Manual for obtaining
				  competitive sealed proposals.
Miss. Code Ann. §
										7-7-211,
				  Mississippi Procurement Manual Chapter 3
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 1 - Contracts for Audits of Mississippi Counties › Rule 4-8-1.5 - Exception

Current through June 25, 2024
In fiscal years in which the county is not audited by the
				  State Auditor or his designee, the county may select a firm from a list of
				  registered firms maintained by the State Auditor. The State Auditor shall be a
				  party to the contract entered into for these audits, and has the right to
				  reject the county's choice of firm.
Miss. Code Ann. §7
				  - 7 - 211
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 2 - Contracts for Audits of Mississippi Public School Districts › Rule 4-8-2.1 - Authority

Current through June 25, 2024
The State Auditor shall give reasonable notice to school
				  districts regarding the times during which the State Auditor will perform such
				  audits. In any fiscal year in which the State Auditor is not scheduled to
				  perform an audit, the school board shall cause all the financial records of the
				  superintendent of schools to be audited in accordance with Section
				  7-7-211(e).
				  If the school board so elects by resolution adopted each year, the audit shall
				  be performed by the State Auditor. Contracts for the audit of public school
				  districts shall be let by the school board in the manner prescribed by the
				  State Auditor.
Miss. Code Ann. §
										37-9-18(2)
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 2 - Contracts for Audits of Mississippi Public School Districts › Rule 4-8-2.2 - Scope

Current through June 25, 2024
These regulations apply to audit contracts of Mississippi
				  school districts executed on or after September 1, 2012. Any new contracts
				  executed after this date must conform to these regulations.
Miss. Code Ann. §
										7-7-211
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 2 - Contracts for Audits of Mississippi Public School Districts › Rule 4-8-2.3 - Policy

Current through June 25, 2024
Audits may be performed by the Auditor's staff or by a firm
				  registered with the State Auditor and selected by the district, unless the
				  State Auditor decides to hire a firm. In the event the State Auditor hires a
				  firm, the district will be billed by the State Auditor for the firm's services.
				  Payments made for these services will be made to the State Auditor, who will in
				  turn pay the firm.
Miss. Code Ann. §
										7-7-211
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 2 - Contracts for Audits of Mississippi Public School Districts › Rule 4-8-2.4 - Procedure

Current through June 25, 2024
Before engaging a firm to perform an audit on his behalf, the
				  State Auditor will obtain competitive proposals utilizing the procedures
				  outlined in Chapter 3 of the Mississippi Procurement Manual for obtaining
				  competitive sealed proposals.
Miss. Code Ann. §
										7-7-211,
				  Mississippi Procurement Manual Chapter 3
Mississippi Administrative Code › Title 4 - Auditor › Part 8 - Contract Audit Regulations for Counties and Public School Districts › Chapter 2 - Contracts for Audits of Mississippi Public School Districts › Rule 4-8-2.5 - Exception

Current through June 25, 2024
In fiscal years in which the district is not audited by the
				  State Auditor or his designee, the school district may select a firm from a
				  list of registered firms maintained by the State Auditor. The State Auditor
				  shall be a party to the contract entered into for these audits, and has the
				  right to reject the school district's choice of firm.
Miss. Code Ann. §
										7-7-211
Mississippi Administrative Code › Title 4 - Auditor › Part 9 - OSA Circular No. 17

Current through June 25, 2024
Click Here To
			 View Image
OSA Circular No. 17
ANNUAL FINANCIAL REPORTING OF MUNICIPAL BOOKS
The following reporting requirements are established by the
			 Office of the State Auditor to be followed when municipal governing authorities
			 contract for the municipality's annual financial report, in accordance with
			 Section 21-35-31 of the Mississippi Code
			 1972 Annotated. These regulations are effective
July 1,
			 2022
.
There are reporting options that municipal authorities may
			 contract for that will be acceptable in accordance with Mississippi Code
			 Section 21-35-31. The requirements of each
			 option may be located in the Financial Reporting Section of the Municipal
			 Accounting and Audit Guide which is located on the State Auditors website at
www.osa.ms.gov
.
Miss. Code Ann.
			 §
								21-35-31 (Rev.
			 2018).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 1 - Banking Activities › Chapter 1 - Regulation 1: Bank Operations › Rule 5-1-1.1 - Purpose - Repeal of Prior Rules

Current through June 25, 2024
This regulation was adopted as an amendment to the previous Bank Regulation 1 to conform to the Department's current practice and to eliminate obsolete provisions and to add clarification. Pursuant to the Mississippi Administrative Procedures Law, Section  25-43-1.101 et seq., Mississippi Code Annotated, the Department of Banking adopted the Regulation 1, which upon their effective date, superseded and repealed the prior Bank Regulation 1. The provisions addressed in the regulation include banking hours, document filing fees, fees for special services, maximum percentages of the value of all loans and discounts, and preservation of bank records.
1.
BANKING HOURS
The legal holidays for the State of Mississippi as allowed under Section  3-3-7, Mississippi Code of 1972, are:
1. First day of January (New Year's Day)
2. Third Monday of January (Robert E. Lee's and Martin Luther King, Jr.'s Birthday)
3. Third Monday of February (George Washington's Birthday)
4. Last Monday of April (Confederate Memorial Day)
5. Last Monday of May (National Memorial Day and Jefferson Davis' Birthday)
6. Fourth of July (Independence Day)
7. First Monday of September (Labor Day)
8. Eleventh day of November (Armistice or Veteran's Day)
9. Day fixed by proclamation by The Governor of Mississippi (Thanksgiving Day)
10. Twenty-fifth day of December (Christmas Day)
In the event any state or federal legal holiday shall fall on a Saturday, a bank may observe the preceding Friday as a legal holiday or in the event any state or federal legal holiday shall fall on a Sunday, a bank may observe the next following Monday as a legal holiday.
Unless emergency circumstances exist, as determined by the Commissioner, no bank or bank branch shall close more than two whole days in any week, state and federal holidays and Sunday excepted.
All banks shall promulgate and adopt banking hours for the convenience of the public so as not to prevent the rendering of proper and reasonable banking service to the community and trade area in which the bank or branches are located. The banking hours so promulgated and adopted shall define the opening and closing on a day-to-day basis of the bank and branches and the executive officer of the bank shall provide certification to the Commission that the Board of Directors was notified of said hours.
Any closing of a half day or a whole day during the week or on Saturdays shall be included in your Board of Directors' authority. However, exceptions shall include the closing of your parent bank or branches as result of any calamity, catastrophe, or emergency such as hurricane, tornado, fire, civil riots, declaration of material law or other acts which would endanger or threaten the lives and property of your personnel, customers, or facilities wherever located.
Any opening or closing procedure or practice which is an exception to your bank's regular opening and closing routine shall also be approved by the Board of Directors.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.1 - Purpose

Current through June 25, 2024
This regulation was adopted as an amendment to the
				  Regulations for the Mississippi SAFE Mortgage Act amendments made by the
				  Mississippi Legislature with an effective date of July 1, 2013 and are intended
				  only to clarify the existing law (both statutory and regulatory) governing the
				  mortgage business. These Regulations do not create any new or substantive
				  rights in favor of any borrower or against any licensee, regardless of whether
				  the loan was made prior to or after the effective date of these
				  Regulations.
These regulations are promulgated pursuant Section
				  81-18-1,
				  et seq., Mississippi Code of 1972, Annotated, also known as the Mississippi
				  S.A.F.E. Mortgage Act, and other applicable statutes to establish
				  administrative procedures required by the Mississippi Department of Banking and
				  Consumer Finance.
These Regulations shall be applicable to licensees under the
				  Mississippi S.A.F.E. Mortgage Act. These Regulations are not intended to create
				  any private right, remedy, or cause of action in favor of any borrower or
				  against any Licensee or are these Regulations intended to apply to any business
				  transaction of a Licensee not covered by Mississippi Law.
Miss. Code Ann. §
										81-18-1;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.2 - Loan Originators

Current through June 25, 2024
Loan originators are required to be licensed per Section
				  81-18-7(4),
				  Mississippi Code of 1972, Annotated, and to follow specific requirements
				  outlined in this section.
1. Loan
				originators must be W-2 employees of the licensee.
. If a loan originator
				  leaves a licensed mortgage broker or lender to be licensed with another
				  licensed mortgage broker or lender, then the initial loan originator
				  application must be fully completed in the Nationwide Mortgage Licensing System
				  and Registry (NMLS) system. All licenses issued by the Department are
				  non-transferrable.
3. The
				licensed mortgage broker or mortgage lender shall maintain loan originator
				information for each loan in a handwritten or computer generated format that
				specifically states the names of the individual(s) that conduct all aspects of
				the loan application process, the date that such activity is conducted and the
				licensed location where the tasks are performed. This information is to be kept
				as part of each borrower's loan file or may be kept as part of the required
				Journal of Mortgage Transactions. At a minimum, the below items are to be
				notated in the required information:
a. Taking
				the Mortgage Loan Application or assisting the borrower in completing the
				Mortgage Loan Application
b.
				Requesting the credit report.
c.
				Negotiating or offering to negotiate the terms of the residential mortgage
				loan.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.3 - Licensing Criteria

Current through June 25, 2024
1. In order to
				determine the applicant's suitability for a license, the Commissioner and/or
				the NMLS shall forward the fingerprints submitted with the application to the
				Mississippi Department of Public Safety and to the FBI for a national criminal
				history record check. The Commissioner may request a new set of fingerprints at
				any time from any person licensed with the department. Final verification of
				the background check does include any subsequent investigation that must occur
				to determine the disposition of an arrest indicated on the background
				check.
2. If the NMLS license
				application is withdrawn or denied, the license fees are
				non-refundable.
3. A person must be
				named the Qualifying Individual for a company applying for a mortgage broker or
				lender license.
a. Qualifying Individual means
				an employee of the mortgage broker or lender who submits documentation of a
				minimum of two (2) years experience directly related to mortgage activities.
				Proof of experience includes, but is not limited to: letter(s) from previous or
				current employers stating job description, copies of other state licenses, etc.
				Resumes and W-2 forms may be included, but are not sufficient proof of
				experience.
b. This person is not
				required to be an owner, co-owner or officer of the company; however, the
				individual will be the person primarily responsible for the operations of the
				licensee.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.4 - Surety Bond Requirements

Current through June 25, 2024
1. The following
				chart will be the Surety Bond Requirement for the renewal for all Licensed
				Mortgage Brokers based on the volume of Mississippi residential mortgage loans
				originated by the licensed mortgage broker from the previous licensing /
				calendar year. This only includes loans that were closed by a Lender or exempt
				company. The amounts shown will be the minimum amount required of Surety Bond
				Coverage. If the company wishes to renew their initial bond amounts (Mortgage
				Broker $25,000) and forward an original Continuation Certificate for renewal to
				the Department, that will be acceptable.
Volume *
Amt Surety Bond Coverage
$1,000,000 or less
$15,000
More than $1,000,000 but less than $5,000,000
$20,000
More than $5,000,0000
$25,000
2.
				The following chart will be the Surety Bond Requirement for the renewal for all
				Licensed Mortgage Lenders based on the volume of Mississippi residential
				mortgage loans originated, brokered, funded, serviced and / or owned by the
				licensed mortgage lender from the previous licensing / calendar year. This only
				includes loans that were closed by a Lender or exempt company. The amounts
				shown will be the minimum amount required of Surety Bond Coverage. If the
				company wishes to renew their initial bond amounts (Mortgage Lender $150,000)
				and forward an original Continuation Certificate for renewal to the Department,
				that will be acceptable.
Volume **
Amt Surety Bond Coverage
$10,000,000 or less
$75,000
More than $10,000,000 but less than $25,000,000
$100,000
More than $25,000,0000
$150,000
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.5 - Branch Offices

Current through June 25, 2024
1. Wholesale
				lending offices only (have no direct contact with a consumer) are not required
				to be licensed. No origination or modification of a Mississippi residential
				mortgage loan may occur at this location. The wholesale lending office / branch
				may accept payments on a residential mortgage loan.
2. A branch office will be considered "open"
				if the signage is in place, a business license has been applied for and
				approved, advertising has been placed and/or there is an unlocked door or no
				signage on the door indicating that the branch office is closed or not yet open
				for business. If the branch is considered "open" without prior approval from
				the Department, then a civil money penalty will be issued to the company and
				possible denial of the branch license.
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.6 - Requirements for in-state offices

Current through June 25, 2024
Each principal place of business and branch office in the
				  state of Mississippi shall meet all of the following requirements:
1. The location shall be in compliance with
				local zoning ordinances; however, zoning shall not be residential. This
				documentation should include a letter from the City or County on their official
				letterhead stating the zoning of the property. A Privilege Tax License is not
				sufficient proof of zoning.
2. The
				mortgage licensed location may be located inside the building of another type
				of business; however, the required signage must indicate the presence of this
				office and must follow the above guidelines, as well as any guidelines required
				by regulation of the other business.
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.7 - Advertisements

Current through June 25, 2024
Advertisements are considered to be in print or by electronic
				  means and do include internet websites and advertisements. Business cards are
				  considered by the Department to be a form of advertisement and must meet the
				  requirements for such.
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.9 - Penalties assessed by the Department

Current through June 25, 2024
The company or loan originator, once assessed a penalty by
				  the Department, will have thirty (30) days in order to pay the full amount of
				  the penalty, unless otherwise noted by the Department.
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 1 - Mississippi S.A.F.E. Mortgage Act › Rule 5-2-1.10 - Lock-in Fee and Lock-in Agreement

Current through June 25, 2024
1. If the broker
				collects the Lock In fee on the lender's behalf and the fee is made payable to
				the broker, then the fee must be placed in the broker's escrow account until it
				is transferred to the lender.
2.
				The mortgage broker may not charge or collect a lock-in fee that is not on
				behalf of a named lender.
3. If the
				lock-in fee is refundable, then the lock-in agreement is to state if the
				consumer will receive payment back in the form of a check or in the form of a
				reduction of origination fees at closing from the mortgage company.
Miss. Code Ann. §
										81-18-29;
				  Effective date August 30, 2013
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › DBCF General Procedures for Mortgage Division Hearings › Rule 5-2-2-1.0 - Purpose of These Rules and Procedures

Current through June 25, 2024
These rules and
				  procedures are adopted for the purpose of providing a general guideline for the
				  conduct of any administrative hearings for which the Commissioner of the
				  Department of Banking and Consumer Finance, State of Mississippi
				  ("Commissioner") has been charged by law to conduct relating to businesses,
				  professions, or licenses within the jurisdiction of the Mississippi Department
				  of Banking and Consumer Finance (the "Department" or "DBCF") pursuant to the
				  Mississippi S.A.F.E. Mortgage Licensing Act, §§
										81-18-1
				  et seq., and §
										81-18-29
				  of the Code of Mississippi of 1972, as amended.
1.1: Authority to Promulgate These Rules and Procedures are
				  adopted pursuant to the Mississippi S.A.F.E. Mortgage Licensing Act of 2009,
				  §§
										81-18-1
				  et seq., and §
										81-18-29
				  of the Code of Mississippi of 1972, as amended.
Source: MISS. CODE ANN. §§
											81-18-1;
					 81-18-29; (effective date July 1, 2016)
1.2: Severability; If any provision, section, subsection,
				  sentence, clause or phrase of any of the Rules and Procedures, or the
				  application of the same to any person or entity or any set of circumstances, is
				  for any reason challenged or held to be invalid, null or void, the remaining
				  rules, procedures or regulations or any application thereof to any person or
				  circumstances shall remain valid.
1.3 Notice of Hearing; A written notice
				  specifying the violation(s) or offense(s) for which the licensee (or any person
				  or entity subject to the jurisdiction of the Department) is charged and a
				  notice of the time and place of the hearing shall be served at least ten (10)
				  days prior to the hearing date. Such notice may be served by mailing a copy of
				  the notice, via certified mail postage prepaid, to the last known residential
				  or business address of the licensee, person or entity. Service via
				  hand-delivery, electronic communications, or other methods may also be used to
				  perfect service of the notice upon the party or its representative. Notice to a
				  representative shall be deemed notice to the party represented.
1.3.1: Waiver A properly noticed party's
				  failure to timely respond to notice shall constitute that party's full and
				  complete waiver of the party's intent to attend the noticed Hearing or
				  otherwise defend against the charges. A properly noticed Hearing may thereafter
				  be conducted by the Commissioner without the party charged being present or
				  represented.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › DBCF General Procedures for Mortgage Division Hearings › Rule 5-2-2.2.0 - Enrollment of Representatives, Attorneys and Accountants

Current through June 25, 2024
2.0.1 Eligibility to Practice; No person
				  shall be eligible to practice before the Commissioner unless such person is
				  enrolled in accordance with these regulations, except that any individual may
				  appear, without enrollment, on his own behalf or on behalf of a member of his
				  immediate family, if such appearance is without compensation; and a member of a
				  partnership, an officer of a corporation, or an authorized regular employee of
				  an individual, partnership, corporation, or other business entity may likewise
				  appear without enrollment in any matter relating to such individual or business
				  entity.
2.0.2 Scope of Practice;
				  Practice before the Commissioner shall be deemed to include all matters
				  relating to the presentation of a client's matter to the Commissioner, Deputy
				  Commissioner, the Division Director, or an examiner, including the preparation
				  and filing of applications, reports, systems of internal control, financial
				  statements, or other documents submitted to the Department on behalf of such
				  client.
2.0.3 Qualifications for
				  Enrollment; In addition to the individuals described herein, the following
				  persons may be admitted to practice before the Commissioner:
(a) Attorneys at law admitted to practice
				  before the Supreme Court of the State of Mississippi and who are lawfully
				  engaged in the active practice of their profession.
(b) Certified public accountants and public
				  accountants qualified to practice under Mississippi law and who are lawfully
				  engaged in active practice as such.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › Pre-Hearing Procedures › Rule 5-2-2-3.0 - Formal Docket Number Assigned

Current through June 25, 2024
Each matter coming before the Commissioner shall be
					 assigned a concise title that is descriptive and a unique cause number, and be
					 docketed accordingly. Thereafter, all submissions related to the Hearing shall
					 bear the title and docket number and shall be included on the Commissioner's
					 pre-hearing docket and made part of the Record.
3.1; Submissions to the Commissioner related
				  to the Hearing shall be on 8½" ×11" standard white paper, or as
				  otherwise deemed appropriate and allowed by the Commissioner. The parties'
				  submissions shall be typed and double-spaced unless impractical and otherwise
				  allowed by the Commissioner.
3.2
				  Amendments; The Commissioner in his/her sole discretion, under such conditions
				  as the Commissioner may prescribe, may allow any pleading, application, motion
				  or other paper filed in a Hearing proceeding to be amended, corrected or
				  otherwise supplied with an omission.
3.3 Scheduling; The Commissioner may call an
				  in-person Scheduling Conference with counsel for the respondents and counsel
				  for the Department in order to establish hearing guidelines, clarify issues,
				  and set deadlines to complete any action items prior to the hearing. A
				  scheduling order may be adopted by the Commissioner thereafter. The deadlines
				  set are at the sole discretion of the Commissioner and may include, but are not
				  limited to, the following:
*Initial exchange of proposed witnesses
* Initial exchange of proposed documents to be included in
					 the Hearing Record
* Pre-hearing conference
* Final exchange of documents to be included in the record
					 and witnesses to appear at the hearing.
Additionally, the Commissioner may consider any inquiries
					 or requests from the parties to ensure clarity, transparency and fairness of
					 the hearing.
3.4 Discovery;
				  Except as provided by these Rules and Procedures, there is no right to
				  discovery in any hearing conducted by the Commissioner.
3.4.1; An interlocutory action by any
				  respondent filed in a Chancery Court requesting a "Bill of Discovery" or
				  seeking any other "discovery" based on equitable relief under common law or
				  otherwise, is an improper attempt to circumvent the Department's Rules and
				  Procedures and shall be summarily dismissed by the Court.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › The Hearing › Rule 5-2-2-5.0 - Hearing Record

Current through June 25, 2024
The Hearing Record will consist of all transcripts and
					 documents of related proceedings including all pre-hearing motion practice, all
					 submitted documentation, exhibits and testimony admitted as part of the Record
					 at the Hearing, any other papers filed by the parties, all pre-filed testimony
					 and attached exhibits and any subsequently filed briefs or supplements that are
					 directed by the Commissioner.
Miss. Code Ann.
					 §§
											81-18-1;
					 81-18-29; (effective date July 1, 2016)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › The Hearing › Rule 5-2-2-6.0 - Attendance limited

Current through June 25, 2024
Control of all attendees of the Hearing shall be vested in
					 the discretion of Commissioner and may be restricted as needed to maintain
					 order, while recognizing the need for transparency. The Commissioner shall
					 further have discretion to limit the number of individuals attending on behalf
					 of the same entity. The Commissioner may also take any necessary actions to
					 prevent the unlawful disclosure of personal identifiers, confidential or
					 proprietary information, or any other information that, if otherwise made
					 available for public consumption could cause harm or injury.
Miss. Code Ann.
					 §§
											81-18-1;
					 81-18-29; (effective date July 1, 2016)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › The Hearing › Rule 5-2-2-7.0 - Final Order of Commissioner

Current through June 25, 2024
At the close of the Hearing (as determined by the
					 Commissioner), the Commissioner shall, within no more than 60 business days,
					 issue a written "Final Order" memorializing the conclusions of fact and/or law
					 and any other determinations made by the Commissioner and based upon the
					 Record. All parties and their representatives shall be provided with a copy of
					 the Final Order in the typical manner and the Respondent(s) or their
					 representatives shall further be provided the Final Order via hand-delivery or
					 certified mail to the last known address on file with the Department. The Final
					 Order shall be made public and enforced by the Commissioner unless expressly
					 prohibited.
7.1 Standards of Proof;
				  The Commissioner's Final Order and the determinations contained therein shall
				  be based on "clear and convincing" evidence. All other determinations made by
				  the Commissioner and reduced to writing are subject to an "abuse of discretion"
				  standard for the purposes of any appeal or court intervention.
7.2 Appeal of Final Order to Chancery Court;
				  A Final Order may be appealed to the Chancery Court of Hinds County,
				  Mississippi, First Judicial District, or any other court of competent
				  jurisdiction as authorized by statute. An appeal shall in no way function to
				  stay the effectiveness of the Final Order, absent express statutory authority
				  allowing a stay or a proper order from a court of competent
				  jurisdiction.
MISS. CODE ANN.
					 §§
											81-18-1;
					 81-18-29; (effective date July 1, 2016)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 2 - Mortgage Company Activities › Chapter 2 - General Hearing Procedures › APPEAL OF DENIAL OF APPLICATION(S) FOR S.A.F.E. MORTGAGE ACT LICENSURE; MANDATORY APPEAL DIRECTLY TO COMMISSIONER; ABBREVIATED HEARING PROCESS › Rule 5-2-2-8.0

Current through June 25, 2024
In the absence of any express authority to the contrary,
					 and in accordance with §
										81-18-37(2)
					 of the Mississippi Code of 1972, the following shall amend the general hearing
					 process described above and provide a
mandatory administrative appeal
					 process
for any applicant or licensee that is
denied a license
					 application or renewal application,
in writing by the
					 Department.
a) Following a denial of
				  an application for license, the applicant must, within 30 days of the receipt
				  of the written denial from the Department, submit an appeal in writing to the
				  Commissioner and request a hearing be held to appeal the denial of an
				  application by the Department.
b)
				  All above rules shall govern the hearing of the denial application, unless
				  expressly revised herein below.
c)
				  Absent a showing of extraordinary circumstances, the denial hearing shall be
				  conducted in one day and shall last no longer than 5 hours. The applicant shall
				  be allotted two (2) hours to present evidence and/or testimony in favor of its
				  application. The Department shall thereafter be allotted two (2) hours to
				  present its rebuttal in support of the denial of the application.
d) No deposition testimony shall be allowed
				  with regard to a denial hearing. All witness testimony must be presented live
				  at the hearing.
e) The Commissioner
				  shall be allotted at least one (1) hour to conduct inquiry of the witnesses
				  and/or parties.
f) A Final Order on
				  the hearing of the denial of an application for licensure shall be published
				  within no more than 30 days following the close of the Hearing.
g) Any Final Order that is entered by the
				  Commissioner denying an application for any reason shall memorialize the
				  findings of the Commissioner and the applicant may thereafter, within ten (10)
				  days of the date of the Final Order, appeal to the Chancery Court of Hinds
				  County, Mississippi, First Judicial District.
MISS. CODE ANN.
					 §§
											81-18-1;
					 81-18-29; (effective date July 1, 2016)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 1 - Small Loan Regulatory Law and Small Loan Privilege Tax Law › Rule 5-3-1.1 - Purpose - Amendment of Prior Rules- These Regulations are promulgated pursuant to Miss

Current through June 25, 2024
These Regulations are promulgated pursuant to Miss. Code
				  Ann. §
									75-67-129
				  of the Small Loan Regulatory Law, Miss. Code Ann. §
									75-67-243
				  of the Small Loan Privilege Tax Law, and other applicable statutes to establish
				  administrative procedures required by the Department of Banking and Consumer
				  Finance and shall be applicable to Licensees under the Small Loan Privilege Tax
				  Law and to transactions covered by the Small Loan Regulatory Law. These
				  Regulations are not intended to create any private right, remedy, or cause of
				  action in favor of any borrower or against any Licensee, nor are these
				  Regulations intended to apply to any business transaction of a Licensee not
				  covered by Mississippi Law. While these Regulations are intended to and do
				  supersede all prior Rules, Regulations and Guidelines of the Department of
				  Banking and Consumer Finance, these Regulations are intended only to clarify
				  the existing law (both statutory and regulatory) governing the small loan
				  business. These Regulations do not create any new or substantive rights in
				  favor of any borrower or against any Licensee, regardless of whether the loan
				  was made prior to or after the effective date of these
				  Regulations.
Miss. Code Ann. §
										75-67-129;
				  Miss. Code Ann. §
										75-67-243;
				  Effective date March 30, 2006
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 1 - Small Loan Regulatory Law and Small Loan Privilege Tax Law › Rule 5-3-1.4 - Insurance

Current through June 25, 2024
Property insurance may be written in connection with any
				  loan on which real or personal property is taken as collateral on the following
				  terms and conditions:
1. Personal
				property insurance shall be written for an amount not to exceed the lesser of
				the total sum of payments to be paid by the borrower to the lender according to
				the schedule of payments or the value of the personal property. The Licensee
				may rely on borrower's representation of the value of personal property;
				however, if a motor vehicle is part of the collateral for the loan, its value
				may be established by a nationally recognized evaluation guide. The borrower
				shall furnish a list of collateral indicating the value of each item.
2. The original term of insurance must not
				exceed the contractual term on the loan. If the term and loan amount of
				insurance is less than the term and amount of the loan, the term and amount of
				the insurance must be shown on the contract and on the ledger card and/or
				computer generated copy.
Miss. Code Ann. §
										75-67-129;
				  Miss. Code Ann. §
										75-67-243;
				  Effective date March 30, 2006
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 1 - Small Loan Regulatory Law and Small Loan Privilege Tax Law › Rule 5-3-1.5 - Insurance Claims

Current through June 25, 2024
A Licensee shall maintain the following information and
				  documents for all insurance claims:
1.
				A Fire Marshal's report or dated published public notification of the fire or
				loss and a list of collateral covered by insurance with an individual valuation
				of each item pledged at the time of the loan closing for all claims on property
				insurance
2. A copy of the death
				certificate or a dated published public notification of the death for all
				claims on credit life insurance
3.
				An original paid check issued by the Licensee to the borrower or beneficiary
				and/or a copy of the check issued by the insurance company to the borrower or
				beneficiary indicating proper endorsements
or
a signed
				receipt from the borrower or beneficiary for benefits paid by the Licensee
				and/or insurance company indicating the total amount of the payment or
				refund
4. A copy of all insurance
				policies written in connection with a loan and a notification or certificate of
				cancellation of the policy
5. Proof
				of refunds of any unearned premiums as of the date of the loss; In the event
				the insurance does not pay the loan in full, all other insurance policies may
				remain in effect until the loan is paid.
6. A copy of the borrower's payment
				history
Miss. Code Ann. §
										75-67-129;
				  Miss. Code Ann. §
										75-67-243;
				  Effective date March 30, 2006
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 1 - Small Loan Regulatory Law and Small Loan Privilege Tax Law › Rule 5-3-1.6 - Fee

Current through June 25, 2024
1. Closing Fee_- A licensee may contract for
				and charge a closing fee as follows: (i) for loans in the amount of Ten
				Thousand Dollars ($10,000.00) or less, four percent (4%) of the total payments
				due on the loan or Twenty-five dollars ($25.00), whichever is greater; (ii) for
				loans in an amount greater than Ten Thousand Dollars ($10,000.00), a maximum
				charge of Five Hundred Dollars ($500.00). Such closing fee shall not be part of
				the finance charge. Miss. Code Ann. §
									75-17-21(3)
2. Appraisal Fee - Licensees may charge the
				borrower the actual fee for appraising real property taken as collateral on
				loans secured by an interest in real property provided the appraiser is an
				unrelated third party. The appraisal fee shall not be a part of the finance
				charge and no portion thereof is refundable in the event of a prepayment. If
				the appraisal fee is paid from proceeds of the loan, such fee shall be a part
				of the State Amount Financed. However, this fee should not exceed the maximum
				amount shown on the Notification of Fees Schedule that is submitted annually to
				the Department of Banking and Consumer Finance by the Licensee. This fee must
				be shown on the ledger card or on a computer generated copy.
3. Title Opinion - A Licensee may charge a
				borrower, on loans of One Hundred Dollars ($100.00) or more, a reasonable fee
				for the investigation of the title to any property given as security for a
				loan. This fee must be paid by the Licensee to an attorney and should not
				exceed the maximum amount shown on the Notification of Fees Schedule that is
				submitted annually to the Department of Banking and Consumer Finance by the
				Licensee. This fee must be shown on the ledger card or on a computer generated
				copy.
4. Notary Public Fee_- A
				Licensee shall not charge or collect from a borrower any notary fee in
				connection with a loan.
Miss. Code Ann. §
										75-67-129;
				  Miss. Code Ann. §
										75-67-243;
				  Effective date March 30, 2006
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 1 - Small Loan Regulatory Law and Small Loan Privilege Tax Law › Rule 5-3-1.7 - Prepayment Penalties

Current through June 25, 2024
In the event of the prepayment of a loan secured by an
				  interest in real estate, the Licensee may charge a prepayment penalty not
				  exceeding the amounts authorized by Miss. Code Ann. §
									75-17-31.
				  A prepayment penalty may not be applied in the event of the prepayment of a
				  loan by insurance proceeds or as a result of the renewal or the refinancing of
				  a loan by the same Licensee. The prepayment penalty and amount must be shown on
				  the paid-out ledger card or on a computer generated copy. For examination
				  purposes, the Licensee must be able to identify the customers that were charged
				  a prepayment penalty.
Miss. Code Ann. §
										75-67-129;
				  Miss. Code Ann. §
										75-67-243;
				  Effective date March 30, 2006