reglab/statecodes huggingface dataset:
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 5-3-1.8 - Refund of Unearned Finance Charges

Current through June 25, 2024
Pre-computed Loans Only: When a pre-computed loan is paid in
				  full prior to maturity, whether by cash, renewal, or otherwise, the borrower is
				  entitled to a refund of $1.00 or more of the unearned finance charges based on
				  the Rule of 78's. The refund shall be calculated on the number of days by which
				  the loan is paid in advance, less twenty (20) days.
1. If the prepayment is from the proceeds of
				insurance, the unearned finance charge may be calculated as of the date the
				insurance proceeds are actually received by the Licensee.
2. If there is a charge on the loan for
				additional days to the first payment (i.e. first payment extension charge) the
				following must be taken into consideration:
a.
				If such charge was included in the first payment and the payoff is prior to the
				first payment due date, the first payment extension charge shall be fully
				refundable; or
b. If such charge
				was included throughout the term of the note, the first payment extension
				charge is refundable based on the Rule of 78's.
If a Licensee has a pre-computed loan with a term exceeding
				  sixty-one (61) months, the Licensee is required to compute the refund based on
				  a method that is at least as favorable to the consumer as the actuarial method.
				  ( 15 U.S.C. § 1615(b) )
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 5-3-1.9 - Default Charges or Late Charges

Current through June 25, 2024
A default charge shall not be assessed after the date of
				  loss for any loan paid from the proceeds of insurance coverage. Default charges
				  shall not be deducted from any regular payment for the purpose of creating an
				  additional default charge. Either of the following methods may be used to
				  assess a default charge and such charge must be disclosed on the written
				  contract:
1. Five Percent (5%) Default
				Charge: any installment that is ten (10) days or more in default not to exceed
the lesser of
Five Dollars ($5.00)
or
five percent
				(5%) of the portion of the payment in default. Miss. Code Ann. §
									75-17-15
2. Four Percent (4%) Default Charge: any
				installment that is more than fifteen (15) days in default not to exceed
the greater of
Five Dollars ($5.00)
or
four percent
				(4%) of the portion of the payment in default. This charge shall not exceed
				Fifty Dollars ($50.00) unless the amount of the loan exceeds One Hundred
				Thousand Dollars ($100,000.00) and the term of the loan exceeds five (5) years.
				Miss. Code Ann. §
									75-17-27
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 5-3-1.10 - Record

Current through June 25, 2024
1. Each Licensee shall maintain certain files
				or records at its licensed location. The required documents and information
				listed below shall be maintained in separate folders with an appropriate index,
				filed alphabetically or numerically. Such records may be in the original form,
				in the form of computer printouts or on electronic media, if readily accessible
				for viewing on a screen with the capability of being promptly printed upon
				request. All records shall be maintained for twenty-four (24) months after the
				date of the final transaction.
2. A
				separate file for each principal borrower shall be maintained and shall contain
				all pertinent information and documents including but not limited to deed of
				trusts, security agreements, financing statements, promissory notes, insurance
				policies, deferment agreements, releases, cancellations, termination statements
				and disclosure statements. All documents pertaining to the loan shall contain
				the loan number.
3. A loan register
				or a copy of all disclosure statements shall be maintained in order according
				to date of loan.
4. The following
				information shall be maintained on a loan ledger or on a computer generated
				copy:
a. name and address of the borrower and
				each co-borrower
b. date of loan
				and loan number
c. total amount of
				payments
d. finance charges
				pursuant to Miss. Code Ann. §
										75-17-21
e. closing fee pursuant to Miss. Code Ann.
				§
										75-17-21(3)
f . State Contract Rate
g. State Amount Financed
h. dollar amount of default charge authorized
				by Section 9 of these Regulations
i. deferral charge
j. credit life insurance premium, coverage,
				and terms
k. credit disability
				insurance premium, coverage, and terms
l. other types of insurance premiums,
				coverage, and terms
m. fees paid to
				public officials
n. attorney fees
				for title search
o. appraisal fees
p. terms of repayment
q. type of collateral
r. date of maturity
s. whether the loan is new, a renewal, or a
				remaking of a previous loan, and, if so, the account number of the previous
				loan
t. unpaid balance
u. amount and date of receipt of all
				payments
v. date and amount of all
				default charges imposed and date and amount of the payment thereof
w. payments from insurance proceeds
x. any information regarding
				litigation, repossession, or foreclosure pertaining to the loan and/or the
				collateral
y. for terminated loans:
1. date of termination
2. whether terminated by payment, renewal or
				refinancing
3. any insurance claim
				payments
z. for loans
				terminated by renewal, remaking or refinancing:
1. loan number of renewal, remake or
				refinancing
2. refunds for unearned
				finance charge
3. refunds of any
				unearned insurance premiums
aa. real estate prepayment
				penalty
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 5-3-1.11 - Loan Payoff Requests

Current through June 25, 2024
A Licensee shall provide the loan payoff amount within three
				  (3) business days of an oral or written request from a borrower or receipt from
				  a third party of written proof of the borrower's authorization to disclose the
				  loan payoff amount. A business day does not include a Saturday, Sunday or legal
				  holiday. No fee may be charged for providing a payoff amount.
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 5-3-1.12 - Sale and Financing of Auto Club Memberships

Current through June 25, 2024
1.
				Requirements for the Sale and Financing of Auto Club Memberships
a. The sale and financing of an auto club
				membership is strictly voluntary and shall never be made as a condition for the
				extension of credit or the granting of a loan.
b. Licensee may offer the borrower the
				opportunity to purchase an auto club membership only after the Licensee has
				fully approved a loan to the borrower.
c. Borrower must have a valid driver's
				license.
d. Borrower must certify
				that they own or lease at least one automobile.
e. Auto club membership applications must be
				signed by the borrower and a copy of the application must be maintained in the
				borrower's file.
f. A copy of the
				auto club service contract must be given to the borrower and such agreement
				must contain the name and address of the auto club company, the various
				services to be provided to the customer by the auto club company and any fees
				to be charged to the borrower.
g.
				Borrower shall have the option of paying the auto club membership dues by using
				funds other than loan proceeds.
h.
				Auto club companies must be licensed with the Mississippi Department of
				Insurance.
i. Auto club agents must
				be licensed with the Mississippi Department of Insurance and proof of such
				licensing must be maintained at the Licensee's office.
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 5-3-1.13 - General

Current through June 25, 2024
1. Licensees must provide a written response
				to the Department within thirty (30) days upon receipt of the Report of
				Examination. Such response must address the corrective action taken on any
				violations and errors noted in the report. The reports are to be maintained in
				the licensed office for two (2) years.
2. In the event a licensed office ceases to
				operate, the license shall be returned to the Department along with information
				regarding the location of the loan records of the closed office.
3. Licensee shall post and display a sign
				that measures at least twenty (20) inches by twenty (20) inches in a
				conspicuous place and in easy view of all persons who enter the place of
				business. The sign shall display bold, blocked letters, easily readable, with
				the following information: "This business is licensed and regulated by the
				Mississippi Department of Banking and Consumer Finance. If you encounter any
				unresolved problem with a transaction at this location, you are entitled to
				assistance. Please call or write: Mississippi Department of Banking and
				Consumer Finance, Post Office Drawer 23729, Jackson, MS 39225-3729; phone
				1-800-844-2499."
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 5-3-1.14 - Violations

Current through June 25, 2024
The Commissioner shall enforce these Regulations and any
				  willful violation of and/or failure to comply with these Regulations may result
				  in the revocation of the license and/or a civil money penalty not to exceed
				  Five Hundred Dollars ($500.00) per violation.
Miss. Code Ann. §
										75-67-139;
				  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 2 - Debt Management Services Act › Rule 5-3-2.1 - Purpose - Rescission of Prior Regulation

Current through June 25, 2024
Section
				  81-22-17(b),
				  Miss. Code Ann., authorizes the Commissioner to adopt reasonable administrative
				  regulations that are not inconsistent with the law in order to enforce the
				  Mississippi Nonprofit Debt Management Services Act.
Pursuant to the Mississippi Administrative Procedures Law,
				  §
									25-43-1.101
et
				  seq.,
Miss. Code Ann. a regulation was adopted on June 1, 2005,
				  governing the debt management services industry. The substance of these
				  regulations was included in Senate Bill #2439 which was signed into law by
				  Governor Barbour during the 2006 Legislative session, and was effective on July
				  1, 2006. Therefore, the prior regulation governing the Mississippi Nonprofit
				  Debt Management Regulations was rescinded.
Miss. Code Ann. §
										81-22-17(b);
				  Effective date July 1, 2010
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.1 - Purpose

Current through June 25, 2024
These regulations are promulgated pursuant to Section
				  75-67-501
				  et seq., Miss. Code Ann., known as the "Mississippi Check Cashers Act", to
				  establish administrative regulations required by the Department of Banking and
				  Consumer Finance. Section
				  75-67-515(1),
				  Miss. Code Ann., authorizes the Department to adopt reasonable administrative
				  regulations, not inconsistent with the law, in order to enforce the Mississippi
				  Check Cashers Act. These regulations are not intended to create any private
				  right, remedy, or cause of action in favor of any customer or against any
				  licensee nor are these regulations intended to apply to any business
				  transactions of a licensee not covered by Mississippi Law. While these
				  regulations are intended to and do supersede all prior regulations issued by
				  the Department of Banking and Consumer Finance regarding the check cashing
				  industry, these regulations are intended only to clarify the existing law. In
				  order to ensure compliance with the provisions set forth in the Mississippi
				  Check Cashers Act, the following regulations have been
				  implemented.
Miss. Code Ann. §
										75-67-501;
				  Miss. Code Ann. §
										75-67-515(1);
				  Effective date February 20, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.2 - Records

Current through June 25, 2024
"Records" or "documents" means any item in hard copy or
				  produced in a format of storage commonly described as electronic, imaged,
				  magnetic, microphotographic or otherwise, and any reproduction so made shall
				  have the same force and effect as the original thereof and be admitted in
				  evidence equally with the original. Records may be in the form of traditional
				  hard copies, computer printouts or magnetic media if readily accessible for
				  viewing on a screen with the capability of being promptly printed upon
				  request.
Miss. Code Ann. §
										75-67-501;
				  Miss. Code Ann. §
										75-67-515(1);
				  Effective date February 20, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.3 - Delayed Deposit Transaction

Current through June 25, 2024
1. Records
a. Licensee shall maintain all files and
				records at its licensed office.
b.
				Licensee shall maintain a separate file folder for each customer containing
				documentation for all delayed deposit transactions.
c. Licensee shall maintain a daily journal
				containing a record of all delayed deposit transactions in consecutively
				numbered order. The daily journal shall include at least the customer name and
				transaction date and may be maintained either manually or by computer. In lieu
				of maintaining a daily journal, Licensee may maintain a file with a copy of
				each delayed deposit agreement in consecutively numbered order. This number
				shall be printed on the agreement. Licensee must be able to account for any
				voided agreements or lapse in numbering sequence.
d. The check number must be clearly disclosed
				on each delayed deposit agreement.
e. The date of the transaction and the
				maturity date must be stated on each delayed deposit agreement.
f . A new check must be used for each delayed
				deposit agreement, (i.e. the same check shall not be reused on subsequent check
				cashing transactions).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.4 - Checks Cashed for a Fee and Required Records

Current through June 25, 2024
Licensee shall maintain a copy of each check cashed along
				  with the following information:
1. Date
				of transaction
2. Fee charged
				expressed as a percentage rate, §
									75-67-517
				Miss. Code Ann.
3. Fee charged
				expressed as a dollar amount
4.
				Customer signature acknowledging fees charged
Miss. Code Ann. §
										75-67-501;
				  Miss. Code Ann. §
										75-67-515(1);
				  Miss. Code Ann. §
										75-67-517;
				  Effective date February 20, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.5 - Disclosure of Fees and Rates

Current through June 25, 2024
Pursuant to §
									75-67-515(4) Miss.
				  Code Ann., a Licensee shall display a sign disclosing the maximum fees allowed
				  to be charged for cashing checks. The sign must be at least 20"x 20" and the
				  print must be large and bold in order to allow customers to easily read the
				  information. Such sign must be displayed in a conspicuous place and in easy
				  view of all persons who enter the place of business. The following is an
				  example of the required sign:
The following is a list of maximum fees allowable for
				  services that may be offered at this check cashing business:
1. Government checks: 3% of the face amount
				of the check or five dollars ($5.00), whichever is greater
2. Personal checks: 10% of the face amount of
				the check or five dollars ($5.00), whichever is greater
3. All other checks or money orders: 5% of
				the face amount of the check or five dollars ($5.00), whichever is
				greater
4. Delayed deposit
				transaction: $20.00 per $100.00 advanced for checks $250.00 and under
$21.95 per $100.00 advanced for checks over $250.00
Amount Advanced
Fee
Face Amount of Check
$100.00
$20.00
$120.00
$200.00
$40.00
$240.00
$300.00
$65.85
$365.85
$400.00
$87.80
$487.80
Mississippi law prohibits this check cashing business from
				  accepting a fee to renew or extend any delayed deposit transaction. Therefore,
				  a delayed deposit check must be deposited or the check face value paid in full
				  prior to entering into another delayed deposit transaction.
This check cashing business is licensed and regulated by the
				  Mississippi Department of Banking and Consumer Finance. If you have any
				  unresolved problem with a transaction at this location, you are entitled to
				  assistance. Please call or write: Mississippi Department of Banking and
				  Consumer Finance, P.O. Drawer 23729, Jackson, MS 39225-3729; Phone
				  1-800-844-2499.
Any of the above information that is not currently posted may
				  be posted on a separate sign using the dimensions described above.
Licensee is only required to post fees for the type of services
				  offered.
Miss. Code Ann. §
										75-67-501;
				  Miss. Code Ann. §
										75-67-515(1);
				  Miss. Code Ann. §
										75-67-515(4);
				  Effective date December 1, 2012
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.6 - Advertisement

Current through June 25, 2024
§
									75-67-505(1),
				  Miss. Code Ann., states in part that "A person may not engage in the business
				  as a check casher or otherwise portray himself as a check casher unless the
				  person has a valid license authorizing engagement in the business." Therefore,
				  the displaying of external signage outside a business, advertisement via print,
				  broadcast or electronic media announcing or referencing a check cashing service
				  constitutes a person's intent to portray himself as a check casher and not
				  incidental to any other service offered and therefore, must obtain a license to
				  participate in a check cashing business.
Persons that are principally engaged in the retail sale of
				  goods and exempt from licensing under §
									75-67-507(c),
				  Miss. Code Ann. are prohibited from advertising they offer check cashing
				  services.
Miss. Code Ann. §
										75-67-501;
				  Miss. Code Ann. §
										75-67-515(1);
				  Miss. Code Ann. §
										75-67-507;
				  Miss. Code Ann. §
										75-67-505(1);
				  Effective date February 20, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 3 - Mississippi Check Casher's Act Law › Rule 5-3-3.7 - Violations

Current through June 25, 2024
The commissioner shall enforce these regulations. Any
				  violation of and/or failure to comply with these regulations may result in the
				  assessment of a civil money penalty not to exceed Five Hundred Dollars
				  ($500.00) for each violation or revocation of the Licensee's license, or both,
				  in accordance with Mississippi law.
Miss. Code Ann. §
										75-67-501;
				  Miss. Code Ann. §
										75-67-515(1);
				  Effective date February 20, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.1 - Purpose - Amendment of Prior Rules

Current through June 25, 2024
These Regulations are promulgated pursuant to Miss. Code
				  Ann. §
									75-67-405
				  and
				  75-67-407
				  of the Miss. Code Ann. §
									75-67-243
				  and the Mississippi Administrative Procedure Act, Section 25-43-1, et
				  seq.
Miss. Code Ann. §
										75-67-405;
				  Miss. Code Ann. §
										75-67-407;
				  Effective date December 15, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.2 - Record

Current through June 25, 2024
1. Each Title Pledge licensee shall maintain
				all files or records at its licensed office. In addition to the information
				required by Sections
				75-67-405
				and
				75-67-407
				of the Mississippi Code of 1972, Annotated, each title pledge lender shall
				maintain a consecutively numbered record or log of each title pledge agreement
				executed, with that number being placed on the corresponding Title Pledge
				Agreement.
2. The following
				information must be maintained on a ledger card or computer system that can be
				printed upon request:
a.
Name and
				address of the pledgor(s)
b.
Date of the title pledge transaction and the title pledge transaction
				number
c.
Total amount
				of payments
d.
Title
				Pledge Service charge
e.
Terms of repayment
f.
Description of collateral, including VIN number
g.
Maturity date
h.
Unpaid balance
i.
Amount and date of receipt of all
				payments
j.
Distribution of all payments to principal and interest
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.4 - Sign

Current through June 25, 2024
Each Licensee shall post and display a sign that measures at
				  least 20 inches by 20 inches, in a conspicuous place and in easy view of all
				  persons who enter such place of business. The sign shall display bold, blocked
				  letters easily readable and shall include the following information:
NOTICE TO BORROWER
Mississippi law states, "A title pledge lender shall
				  not advance funds to a pledgor to pay off an existing title pledge agreement".
				  It is illegal to renew or pay off an existing title loan you have with this
				  lender with the proceeds of a new title loan from this lender. We encourage you
				  to report any violation to the Mississippi Department of Banking and Consumer
				  Finance. You may be entitled to a refund if this Title Pledge Lender is found
				  to be in violation of the law. If you have any questions or need additional
				  information about this type of transaction or about any other activity or
				  procedure conducted in this office, please call or write:
Mississippi Department of Banking & Consumer
				  Finance
Post Office Drawer 23729
Jackson, Mississippi 39225-3729
Phone: 1-800-844-2499
Miss. Code Ann. §
										75-67-405;
				  Miss. Code Ann. §
										75-67-407;
				  Effective date December 15, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.5 - Title Pledge Office

Current through June 25, 2024
Section
				  75-67-435,
				  Mississippi Code of 1972, Annotated defines a Title Pledge Office as "the
				  location at which, or premises in which, a title pledge lender regularly
				  conducts business. No other business other than title pledge business shall be
				  conducted at a Title Pledge Office." Therefore, to meet the requirements of
				  this provision of the law, a Title Pledge Office is one that is further defined
				  as: a location that has a definitive U. S. Postal address and/or E911 address;
				  meets local zoning requirements; has a minimum of 100 square feet, with walls
				  from floor to ceiling separating the operation from any other business(es); has
				  an outside entrance, however you may be located in an area that has a common
				  lobby shared by another business(es); proper signage; and maintain separate
				  books and records. All title pledge business must be conducted in this
				  location.
Upon adoption of this regulation, a current licensee
				  operating a configuration less than these requirements has until June 30, 2001,
				  the end of the current licensing period, to conform or their license will not
				  be renewed. Any new application for license, after adoption of this regulation,
				  shall include documentation attesting to the compliance of these
				  regulations.
Miss. Code Ann. §
										75-67-405;
				  Miss. Code Ann. §
										75-67-407;
				  Effective date December 15, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.6 - Other Fees/Charges

Current through June 25, 2024
Section
				  75-67-413(1) states,
				  "A title pledge lender may contract for and receive a title pledge service
				  charge in lieu of interest or other charges for all services, expenses, cost
				  and losses of every nature not to exceed twenty-five percent (25%) of the
				  principal amount, per month, advanced in the title pledge transaction."
				  Therefore, a licensee may not charge any additional fees such as collection
				  fees, late fees or any other type of fees.
Miss. Code Ann. §
										75-67-405;
				  Miss. Code Ann. §
										75-67-407;
				  Effective date December 15, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.7 - Customer Refunds

Current through June 25, 2024
In the event a customer has been overcharged, licensee shall
				  make refunds to the customer in the form of cash or check. The customer's
				  account may not be credited for any refund amount.
Miss. Code Ann. §
										75-67-405;
				  Miss. Code Ann. §
										75-67-407;
				  Effective date December 15, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 4 - Mississippi Title Pledge Act › Rule 5-3-4.8 - Violations

Current through June 25, 2024
The Commissioner shall enforce these Regulations. Any
				  willful violation of and/or failure to comply with these Regulations may result
				  in the assessment of a Civil Penalty not to exceed Five Hundred Dollars
				  ($500.00) for each violation thereof, the revocation of the Licensee's license,
				  or both in accordance with Mississippi law.
Miss. Code Ann. §
										75-67-405;
				  Miss. Code Ann. §
										75-67-407;
				  Effective date December 15, 2003
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 5 - General Hearing Procedures › DBCF General Procedures for Hearings › Rule 5-3-5-2.0 - 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 3 - Consumer Finance Activities › Chapter 5 - General Hearing Procedures › Pre-Hearing Procedures › Rule 5-3-5-3.0 - 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 8 ½" x 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 3 - Consumer Finance Activities › Chapter 5 - General Hearing Procedures › The Hearing › Rule 5-3-5-5.0 - 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.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 5 - General Hearing Procedures › The Hearing › Rule 5-3-5-6.0 - 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.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 5 - General Hearing Procedures › The Hearing › Rule 5-3-5-7.0 - 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.
Source Authority: Money Transmitters Act §§
												75-15-1, et
						seq.; Insurance Premium Finance Law §§
												81-21-1,
						et seq.; Mississippi Pawnshop Act §§
												75-67-301,
						et seq.; Mississippi Title Pledge Act §§
												75-67-401, et
						seq.; Mississippi Check Cashers Act §§
												75-67-501,
						et seq.; Mississippi Debt Management Services Act §§
												81-22-1,
						et seq.; Credit Availability Act §§
												75-67-601
						et seq.;
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.1 - Promulgation and Purpose

Current through June 25, 2024
General.
These Regulations are promulgated pursuant to Miss. Code Ann.
				  §
									75-67-601,
				  et seq., known as the "Mississippi Credit Availability Act" (MCAA).
				  Specifically, §
									75-67-615(1)
				  empowers the Department of Banking and Consumer Finance (DBCF) to adopt
				  reasonable administrative regulations, not inconsistent with law, in order to
				  enforce the MCAA. These Regulations are neither intended to create any private
				  right, remedy, or cause of action in favor of any account holder or against any
				  Licensee, nor are these Regulations intended to apply to any business
				  transaction of a Licensee not covered by Mississippi Law. These Regulations are
				  intended only to clarify the existing statutory law governing the "Credit
				  Availability" business. In order to ensure compliance with the provisions set
				  forth in the MCAA, the following regulations have been
				  implemented.
Miss. Code Ann.
				  §§
										75-67-603
				  and
				  75-67-619;
				  12 C.F.R. §
											1026.18.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.3 - Record Keeping Requirements Customer records

Current through June 25, 2024
1. Must
				be maintained at the licensed location or be immediately available upon request
				via electronic access.
2. Must
				maintain a consecutively numbered log/journal with corresponding number placed
				on the credit availability agreement. (loan register)
3. Must maintain the following information on
				a ledger card or computer system generated transaction history that can be
				printed upon request:
a. Name and address of
				the account holder(s)
b. Date of
				the credit availability transaction
c. Total amount of payments
d. Monthly percentage charged for Handling
				Fee
e. Daily Rate if using the
				simple interest method
f. Terms of
				repayment
g. Maturity date
h. Unpaid balance
i. Amount and date of receipt of all
				payments
j. Distribution of all
				payments to principal and fees charged
k. Description of collateral, including VIN
				number, if applicable
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.4 - Collateral

Current through June 25, 2024
The Licensee shall not "hold a personal check" as collateral
				  for a credit availability loan. However, the Licensee may utilize an ACH
				  authorization to debit funds from an account holder's account provided the
				  authorization is agreed to by the account holder and fully disclosed in the
				  written agreement. If the account holder defaults, the Licensee must not debit
				  more funds from the account holder's bank account than what is currently owed
				  on the credit availability account.
Miss. Code Ann.
				  §§
										75-67-615
				  and
				  75-67-619(1)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.5 - Written Explanation of Fees Required, Prepayment and Right of Rescission

Current through June 25, 2024
1.
General.
Before a credit availability
				  transaction is finalized, the Licensee must provide each prospective account
				  with "a written explanation of the fees and charges to be charged and the due
				  dates for all payments.
2.
All Fees and Charges Must Be Included.
All fees and charges allowed under the MCAA which the
				  Licensee intends to collect from the account holder must be clearly disclosed
				  in the credit availability agreement. This includes any Origination Fee,
				  Handling Fee, late fees, and collection fees. Any fee or charge not included in
				  the agreement cannot be assessed and collected.
3.
Style, Content and Method of
				Executing Prepayment.
a. The style,
				content, and method of executing the required written explanation must comply
				with the federal truth-in-lending laws and must contain a statement that the
				account holder may prepay the unpaid balance in whole or in part at any time.
				No penalty shall be incurred by the account holder as a result of
				prepayment.
b. At a minimum, the
				written explanation must include:
(i) The
				amount of the transaction;
(ii) The
				date the agreement was entered into;
(iii) An amortization schedule which is a
				description of the payments including the distribution of payments between
				principal and fees;
(iv) The name
				and address of the licensed office;
(v) The name of the person primarily
				obligated on the agreement;
(vi) The
				amount of the principal;
(vii) The
				agreed rate of charge stated on a percent per year basis and the amount in
				dollars and cents;
(viii) The
				percentage of the daily or monthly rate; and
(ix) All other disclosures required pursuant
				to state and federal law.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.6 - Handling Fees/Origination Fees

Current through June 25, 2024
1.
Origination Fees.
a. The
				Origination Fee shall be calculated based on 1% of the "Amount Financed" to the
				account holder" or five dollars ($5.00) whichever is greater.
b. For the purposes of the federal APR
				calculation, an Origination Fee must be included as part of the "Finance
				Charge" disclosure as required by the federal Truth-in-Lending Act, Regulation
				Z. (i.e., Total Handling Fees + Origination Fee = Finance Charge shown in
				federal TILA box)
c. An Origination
				Fee is optional; however, if charged, it shall be disclosed in the written
				agreement. It may be collected with the first payment or it may be allocated in
				the amortization schedule and collected monthly; however, it must not be
				included in the calculation of the Handling Fee.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.7 - Scheduled Loan Payments

Current through June 25, 2024
All contractual monthly payments shall be substantially
				  equal. The threshold for variance between the initial (or final) payment and
				  remaining payments should be no more than five dollars ($5.00.) The
				  determination of compliance with this threshold shall not take into
				  consideration any variance in the final payoff amount that is the result of one
				  or more late fees incurred during the loan term. Approval of payment variance
				  may be requested by writing to the Director of Consumer Finance at DBCF.
There is currently no prohibition on an account holder making
				  multiple payments in any given Month or agreeing with the Licensee to make
				  payments on a higher rate of frequency than monthly. See below regarding
				  Bi-weekly late fees.
Miss. Code Ann.
				  §§
										75-67-603(e),
				  75-67-619(4)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.8 - Late Payment Fees

Current through June 25, 2024
No interest or additional fee shall be charged on any late
				  fees or other default-related fees allowed by MCAA.
1. A late fee of ten percent (10%) of the
				past-due amount may be charged and collected by a Licensee if
both
of the following conditions are met:
a. The
				account holder fails to pay a monthly payment "within ten (10)
business
				days
after the due date." And
b. Such fees are "clearly disclosed in the
				credit availability agreement."
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.9 - Other Fees Prohibited During Term of a Producing Loan

Current through June 25, 2024
No other fees shall be charged by a Licensee as a result of
				  "insufficient funds" (marked "NSF"), or a dishonored/returned check or ACH
				  debit attempt from a financial institution during the term of an active
				  producing loan. Retuned or NSF payment attempts may, however, retroactively
				  result in the account holder incurring a late fee as allowed herein. Only one
				  late fee per monthly payment is allowed, even if the payment is late and it is
				  also subsequently returned NSF.
Miss. Code Ann.
				  §§
										75-67-619(1)
				  & (5)..
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.10 - Collection Fees Allowed After Default

Current through June 25, 2024
1. If an account
				holder fails to make a payment for more than sixty (60) days, the Licensee may
				thereafter deem the credit availability agreement in default and place such in
				collection.
2. If placed in
				collection, the Licensee may charge and collect the following fees in
				connection with any such default, provided that such fees are clearly disclosed
				in the credit availability agreement:
(a) If
				the Licensee is required to employ a third party, including an attorney, to
				collect on the account the Licensee may:
(i)
				If the credit availability agreement so provides, charge and collect a
				reasonable collection fee and attorney's fee; and
(ii) If the credit availability agreement so
				provides, shall be entitled to recover from the account holder all court costs
				incurred and to recover any court-awarded damages, including those incurred on
				appeal.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.11 - Limitation on Multiple Loans

Current through June 25, 2024
There is no statutory prohibition on more than one credit
				  availability transaction being made to the same account holder account by a
				  single Licensee, except as described herein. There is likewise no statutory
				  restriction on the parties' ability to renew, or otherwise modify, an existing
				  contract, except as provided herein.
Based on §§
									75-67-619(2)(a)
				  and (b), any given credit availability
				  account assigned to an account holder means that all outstanding "transactions"
				  to that credit availability account must be combined together for the purposes
				  of determining under which section of the statute a loan shall be made.
When any credit availability account has an outstanding
				  principal balance that is or will be greater than $500.00, any new credit
				  availability transactions made shall be calculated on the entire principal
				  balance owed and such loan shall be made under Section 2(b), with a term of six
				  to twelve (6-12) months.
Miss. Code Ann.
				  §§
										75-67-619(a)
				  and (b).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.12 - Itemized Receipt Required

Current through June 25, 2024
For each payment made on account of any loan, the Licensee
				  shall give to the person making the payment a receipt specifying in plain,
				  clear, and simple terms the amount of the payment, an itemized line for EACH
				  FEE being incurred that day, any fees deferred and unpaid during the life of
				  the loan, and the balance owing on the combined principal and fees following
				  the account credit for the payment. A copy or scan of each receipt shall be
				  kept in the account holder's records.
Miss. Code Ann. §
										75-67-621.