reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.13 - Conversion/Rollover of Existing Title Pledge or Check Cashers Act Loans

Current through June 25, 2024
No accrued interest or service charge shall be capitalized or
				  added to the original principal of a Title Pledge Act transaction during any
				  conversion of the Title Pledge Act loan to an MCAA loan or any other extension
				  or continuation of a loan made under the Title Pledge Act. Similarly, no fees
				  or charges shall be capitalized or added to a delayed deposit transaction
				  during any conversion of the delayed deposit transaction to an MCAA loan.
				  Handling Fees may only be calculated on the original principal of the previous
				  loan. Services charges and fees owed from the previous loan shall be itemized
				  separately in the written agreement on the new loan.
Miss. Code Ann. §
										75-67-615(1).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.14 - Refund Calculations; Prepayment

Current through June 25, 2024
1. Any refund that
				is due to any account holder due to accidental overpayment, prepayment or early
				payoff shall be promptly issued to the account holder.
2. Notice shall be provided to an account
				holder in writing of any refund due and owing for more than 45 days.
3. When any agreement is paid in full, the
				Licensee shall credit or refund all unearned Handling Fees. The sum of the
				digits or rule of 78ths method of calculating prepaid refunds is
				prohibited.
4. All refunds shall be
				documented on a receipt, signed by the account holder acknowledging receipt
				thereof.
5. All refund receipts and
				all notice letters regarding refunds shall be maintained within the customer's
				file.
6. No penalty shall be
				incurred by the account holder as a result of prepayment.
Miss. Code Ann. §
										75-67-615.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.15 - Change in Ownership, Notice Required

Current through June 25, 2024
To ensure compliance with Miss. Code Ann. §§
									75-67-605(5),
				  written notice is required to be provided to the DBCF, through NMLS, within
				  thirty (30) days of the direct or beneficial change in ownership of a Licensee.
				  Notice may be provided on a form created by the DBCF and may include additional
				  information related to the change in ownership.
Miss. Code Ann.
				  §§
										75-67-605,
				  75-67-615(1).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.17 - Prohibition on Sale of Insurance or Ancillary Products

Current through June 25, 2024
No insurance policies or any other ancillary products shall
				  be sold or offered by a Licensee or agent thereof in conjunction with a credit
				  availability loan.
Miss. Code Ann. §
										75-67-615(1).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.18 - Consumer Credit Reports; Checking; Reporting

Current through June 25, 2024
If a Licensee utilizes or requires information from a
				  consumer's credit-report from a credit bureau that receives or reports on a
				  consumer credit history, the Licensee shall, in a reciprocal manner, report
				  favorable credit/payment information if/when the customer honors and timely
				  complies with payment requirements.
Miss. Code Ann. §
										75-67-615(1).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.19 - Signage Requirements; Pamphlet

Current through June 25, 2024
1.
Signage.
Pursuant to Miss. Code Ann. §
									75-67-621
				and these Regulations a Licensee shall display a sign disclosing the maximum
				fees allowed to be charged for credit availability Loans. 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, at eye-level or
				above, 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:
BEFORE YOU SIGN A CONTRACT TO MAKE A LOAN, BE CERTAIN
				  YOU HAVE READ THE LOAN DOCUMENTS SO YOU UNDERSTAND YOUR OBLIGATIONS AND RIGHTS
				  UNDER THE MISSISSIPPI CREDIT AVAILABILITY ACT ("MCAA")
The following is a list of fees and terms allowable for
				  services that may be offered under the MCAA:
1. Handling Fee:
a.
Loans up to or totaling not more
				than $500.00
:
i. A term of
4 to 6
				months to repay
ii.
				Substantially equal payments each month
iii. Up to 25% FEE PER MONTH
(amortized for the
				term of the loan)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 6 - Mississippi Credit Availability Act (2016) › Rule 5-3-6-6.20 - Collection, Civil Actions for Recovery, and Remedies

Current through June 25, 2024
If a vehicle secures a credit availability loan, and it is
				  repossessed and thereafter sold to satisfy a loan in default, the Licensee
				  shall NOT be entitled to recover a "deficiency" from the account holder
				  following the sale of the vehicle, if the sale of the vehicle does not result
				  in an amount equal to or greater than the principal balance owing at the time
				  of default. However, recovery of fees and costs as allowed by Section
				  75-67-619(6)
				  may be recovered from the court. Any amount recovered over and above the amount
				  owed by the account holder shall be promptly refunded. The Licensee shall
				  maintain proof of refund in the account holder's file.
A Licensee shall not accelerate the full term of a delinquent
				  loan and recover or request the whole amount due and owing as if the contract
				  had been honored by the account holder (i.e., the entire benefit of the
				  bargain). Demands shall only be made for fee amounts actually accrued or
				  incurred. A Licensee's request for judgment for monthly fees shall in no
				  instance exceed the precomputed amount of the loan agreement.
Miss. Code Ann.
				  §§
										75-67-615(1)
				  and
				  75-67-619(6)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 1 - Organization and Method of Operation › Rule 5-4-1.1 - Authority

Current through June 25, 2024
This regulation is adopted as a rule to conform to the
				  requirements of Section 25-43-2.104 of the Mississippi Code of 1972, Annotated
				  as amended, regarding agency organization, method of operation, and where/how
				  the public may obtain information.
Miss. Code Ann.
				  §§ 25-43-2.104(2005).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 1 - Organization and Method of Operation › Rule 5-4-1.15 - Public Access Information

Current through June 25, 2024
The Department of Banking and Consumer Finance may be
				  contacted to participate in formal and informal proceedings and related
				  rule-making matters by mail, e-mail, or telephone, or in person during regular
				  business hours utilizing the following contact information:
Mississippi Department of Banking and Consumer Finance
Post Office Box 12129
Jackson, MS 39236-2129
Phone (601) 321-6901
Additional public information regarding the DBCF and its
				  supervised or regulated entities may be found at the DBCF website:
www.dbcf.ms.gov
.
Miss. Code Ann.
				  §§ 25-43-2.104; 25-43-2.105 (2005).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.1 - Authority

Current through June 25, 2024
These rules were promulgated pursuant to Mississippi Code
				  Ann, § 25-43-3.104(2)(d) of the Administrative Procedures Law, and apply
				  to all oral proceedings held for the purpose of providing the public with an
				  opportunity to make oral presentations on proposed new rules and amendments to
				  rules before the Department of Banking and Consumer Finance (DBCF) pursuant to
				  the Administrative Procedures Law.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.2 - Scheduling oral proceedings

Current through June 25, 2024
Where an oral proceeding has not previously been held or
				  scheduled, the DBCF will conduct an oral proceeding on a proposed rule or
				  amendment if requested by a political subdivision, an agency or ten (10)
				  persons in writing within twenty (20) days after the filing of the notice of
				  the proposed rule.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.3 - Format of request

Current through June 25, 2024
Each request must be printed or typewritten, or must be in
				  legible handwriting. Each request must be submitted on standard business
				  letter-size paper (8-1/2 inches by 11 inches). The request may be in the form
				  of a letter addressed to DBCF or as a pleading filed with a court. Each request
				  must include the full name, telephone number, and mailing address of the
				  requestor(s). All requests shall be signed by the person filing the request,
				  unless represented by an attorney, in which case the attorney may sign the
				  request.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.4 - Notice of Oral Proceeding

Current through June 25, 2024
The date, time and place of all oral proceedings shall be
				  filed with the Secretary of State's office and mailed to each requestor. The
				  oral proceedings will be scheduled no earlier than twenty (20) days from the
				  filing of this information with the Secretary of State. The Agency Head or
				  designee, who is familiar with the substance of the proposed rule, shall
				  preside at the oral proceeding on a proposed rule.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.5 - Public Participation Guidelines

Current through June 25, 2024
Public participation shall be permitted at oral proceedings
				  in accordance with the following:
1.
				At an oral proceeding on a proposed rule, persons may make oral statements and
				make documentary and physical submissions, which may include data, views,
				comments or arguments concerning the proposed rule.
2. Persons wishing to make oral presentations
				at such a proceeding shall notify the DBCF at least three business days prior
				to the proceeding and indicate the general subject of their presentations. The
				presiding officer in his or her discretion may allow individuals to participate
				that have not previously contacted the DBCF.
3. At the proceeding, those who participate
				shall indicate their names and addresses, identify any persons or organizations
				they may represent, and provide any other information relating to their
				participation deemed appropriate by the presiding officer.
4. The presiding officer may place time
				limitations on individual oral presentations when necessary to assure the
				orderly and expeditious conduct of the oral proceeding. To encourage joint oral
				presentations and to avoid repetition, additional time may be provided for
				persons whose presentations represent the views of other individuals as well as
				their own views.
5. Persons making
				oral presentations are encouraged to avoid restating matters that have already
				been submitted in writing. Written materials may, however, may be submitted at
				the oral proceeding.
6. There shall
				be no interruption of a participant who has been given the floor by the
				presiding officer, except that the presiding officer may in his or her
				discretion interrupt or end the partisan's time where the orderly conduct of
				the proceeding so requires.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.6 - Conduct of Oral Proceeding

Current through June 25, 2024
The presiding officer shall have authority to conduct the
				  proceeding in his or her discretion for the orderly conduct of the proceeding.
				  The presiding officer shall (i) call proceeding to order; (ii) give a brief
				  synopsis of the proposed rule, a statement of the statutory authority for the
				  proposed rule, and the reasons provided by the Department for the proposed
				  rule; (ii) call on those individuals who have contacted the Department about
				  speaking on or against the proposed rule; (iii) allow for rebuttal statements
				  following all participants' comments; (iv) adjourn the proceeding.
The presiding officer, where time permits and to facilitate
				  the exchange of information, may open the floor to questions or general
				  discussion. The presiding officer may question participants and permit the
				  questioning of participants by other participants about any matter relating to
				  that rule-making proceeding, including any prior written submissions made by
				  those participants in that proceeding; but no participant shall be required to
				  answer any question.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 2 - Rulemaking Oral Proceedings › Rule 5-4-2.7 - Submissions and Records

Current through June 25, 2024
Physical and documentary submissions presented by
				  participants in an oral proceeding shall be submitted to the presiding officer.
				  Such submissions become the property of the DBCF, part of the rulemaking
				  record, and are subject to the DBCF's public records request procedure. The
				  DBCF may record oral proceedings by stenographic or electronic means.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.1 - Authority

Current through June 25, 2024
This regulation to conform with requirements of Section
				  25-43-2.105 et seq. of the Mississippi Code of 1972, as amended
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.2 - Requests for Opinions

Current through June 25, 2024
Any person with a substantial interest in the subject matter
				  may make a request to the DBCF for a declaratory opinion by following the
				  specified procedures. The term 'substantial interest in the subject matter' as
				  used in this chapter means: that a party is directly affected by the DBCF's
				  administration of the laws within the DBCF's primary jurisdiction. The term
				  'primary jurisdiction of the Agency' as used in this chapter means the DBCF has
				  a constitutional or statutory grant of authority in the subject matter at
				  issue.
Correspondence should be submitted to the following
				  address:
Mississippi Department of Banking and Consumer Finance
Post Office Box 12129
Jackson, MS 39236-2129
Phone (601) 321-6901
Additional public information regarding the DBCF and its
				  supervised or regulated entities may be found at the DBCF website:
www.dbcf.ms.gov
.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.3 - Subjects which may be addressed

Current through June 25, 2024
The DBCF will issue declaratory opinions regarding the
				  application of specified facts to:
(1)
				a statute administered or enforceable by the DBCF,
(2) a rule promulgated by the DBCF, or
(3) an order issued by the
				DBCF.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.5 - Where to send requests

Current through June 25, 2024
All requests must be mailed or delivered to the DBCF. The
				  request and its envelope shall clearly state that it is a request for a
				  declaratory opinion. No oral and telephone requests will be accepted for
				  official opinions.
Submit request to the following address:
Mississippi Department of Banking and Consumer Finance
Post Office Box 12129
Jackson, MS 39236-2129
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.6 - Requestor information

Current through June 25, 2024
Each request must include the full name, telephone number,
				  and mailing address of the requestor. All requests shall be signed by the
				  person filing the request, unless represented by an attorney, in which case the
				  attorney may sign the request. The signing party shall attest that the request
				  complies with the requirements set forth in these rules, including but not
				  limited to a full, complete, and accurate statement of relevant facts and that
				  there are no related proceedings pending before any agency, administrative or
				  judicial tribunal. A request must be limited to a single transaction or
				  occurrence.
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.7 - Request content

Current through June 25, 2024
Each request must contain the following:
1. A clear identification of the statute or
				rule at issue
2. The question for
				the declaratory opinion
3. A clear
				and concise statement of all facts relevant to the question presented
4. The identify of all other known persons
				involved in or impacted by the factual situation causing the request including
				their relationship to the facts, name, mailing address and telephone
				number
5. Statement sufficient to
				show that the person seeking relief has a substantial interest in the subject
				matter.
The terms of the proposed opinion suggested by the requestor
				  may be submitted with the request or may be requested by the agency;
Miss. Code Ann. §
				  25-43-2.105 (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.8 - Memorandum of Authorities

Current through June 25, 2024
A request may contain an argument by the requestor in support
				  of the terms of the proposed opinion suggested by the requestor. The argument
				  may be submitted in the form of a memorandum of authorities, containing a full
				  discussion of the reasons and any legal authorities, in support of such
				  position of the requestor. The agency may request that the argument and
				  memorandum of authorities be submitted by any interested party.
Miss. Code Ann. §
										25-43-2.105
				  (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.9 - Agency Response

Current through June 25, 2024
Written agency opinions prepared in response to this rule may
				  be issued by the Commissioner, or with her authorization, by the Deputy
				  Commissioner, or by the director of the division responsible for implementation
				  of the statute, rule or order. Within forty-five (45) days after the receipt of
				  a request for a declaratory opinion which complies with the requirements of
				  these rules, the DBCF shall, in writing:
1. issue an opinion declaring the
				applicability of the specified statute, rule, or order to the specified
				circumstances;
2. decline to issue
				a declaratory opinion, stating the reasons for its action; or
3. agree to issue a declaratory opinion or a
				written statement declining to issue a declaratory opinion, by a specified time
				but no later than ninety (90) days after receipt of the written request.
The forty-five (45) day period shall begin on the first State
				  of Mississippi business day that the request is received by the DBCF.
Miss. Code Ann. §
										25-43-2.105
				  (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.10 - Opinion not final for thirty days

Current through June 25, 2024
A declaratory opinion shall not become final until the
				  expiration of sixty (60) days after the issuance of the opinion. Prior to the
				  expiration of thirty (30) days, the DBCF may, in its discretion, withdraw or
				  amend the declaratory opinion for any reason which is not arbitrary or
				  capricious. Reasons for withdrawing or amending an opinion include, but are not
				  limited to, a determination that the request failed to meet the requirements of
				  these rules or that the opinion issued contains a legal or factual error. Each
				  opinion must state the date when the opinion is final.
Miss. Code Ann. §
										25-43-2.105
				  (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.11 - Procedure After Request for Declaratory Opinion Received

Current through June 25, 2024
The DBCF may give notice to any person that a declaratory
				  opinion has been requested and may receive and consider data, facts, arguments
				  and opinions from persons other than the requestor.
The requestor, or his attorney, shall append to the request
				  for a declaratory opinion a listing of all persons, with addresses, known to
				  the requestor who may have an interest in the declaratory opinion sought to be
				  issued, and shall mail a copy of the request to all such persons. The requestor
				  or his attorney shall certify that a copy of the request was mailed to all such
				  persons together with this statement: 'Should you wish to participate in the
				  proceedings of this request, or receive notice of such proceedings or the
				  declaratory opinion issued as a result of this request, you should contact the
				  DBCF within twenty days of the date of this request.'
Miss. Code Ann. §
										25-43-2.105
				  (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.12 - Hearings at the Discretion of the Agency

Current through June 25, 2024
Provision for Hearing. If the DBCF in its sole discretion
				  deems a hearing necessary or helpful in determining any issue concerning a
				  request for a declaratory opinion, the DBCF may schedule such a hearing. Notice
				  of the hearing shall be given to all interested parties unless waived. Notice
				  mailed by first class mail 7 calendar days prior to the hearing shall be deemed
				  appropriate.
The procedure for conducting a hearing, including but not
				  limited to the manner of presentation, the time for presentation, and whether
				  and how evidence may be taken, shall be within the discretion of the
				  DBCF.
The DBCF will allow the requestor to participate in any
				  hearing. The DBCF may allow any other persons or entities to participate in the
				  hearing.
Miss. Code Ann. §
										25-43-2.105
				  (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 3 - Request for Declaratory Opinions › Rule 5-4-3.13 - Public availability of requests and declaratory opinions

Current through June 25, 2024
Declaratory opinions and requests for declaratory opinions
				  shall be available for public inspection and copying at the expense of the
				  viewer during normal business hours. All declaratory opinions and requests
				  shall be indexed by name and subject. Declaratory opinions and requests which
				  contain information which is confidential or exempt from disclosure under the
				  Mississippi Public Records Act or other laws shall be exempt from this
				  requirement and shall remain confidential.
Miss. Code Ann. §
										25-43-2.105
				  (Rev. 2005)
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.1 - General Requests for Inspection and/or Reproduction of Records pursuant to Mississippi Public Records Act

Current through June 25, 2024
Each person has a right to inspect and reproduce any public
				  record on file in the offices of the Mississippi Department of Banking and
				  Consumer Finance ("DBCF"), except those records expressly exempted by statute
				  (including but not limited to §
									81-1-89
				  of Mississippi Code of 1972) or DBCF rule. This regulation is intended to
				  provide general guidelines for requests to view or reproduce public records; it
				  is not intended to replace any existing procedure for such requests specified
				  in DBCF Regulations in Title 5, Part 5 pertaining to the State Board of Banking
				  Review.
It is the general policy of DBCF to neither confirm nor deny
				  any ongoing investigation.
The public records policy of the DBCF has been adopted in
				  accordance with the Mississippi Public Records Act of 1983, Section
				  25-61-1,
				  et seq, Miss. Code Ann. (1972). All records and portions of records not exempt
				  from disclosure will be made available in accordance with these rules.
Miss. Code Ann.
				  §§ 26-61-1.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.3 - Availability of Records

Current through June 25, 2024
Access to all non-exempt records of the DBCF that have been
				  properly requested, deemed subject to disclosure under the Public Records Act,
				  and for which applicable cost payment has been made will be allowed at a
				  scheduled time during regular business hours (8:00 to 5:00 on working days).
				  These records will be made available for inspection and/or copying. If any
				  public record which is held to be exempt from disclosure, as designated below,
				  contains material which is not exempt, the DBCF shall separate the exempt
				  material and make the non-exempt material available for examination and/or
				  copying. The Commissioner or his designee has the authority to specify the
				  mode, manner, time and place of access.
Miss. Code Ann. §
										25-61-5;
				  Miss. Ethics Comm. Model Public Records Rule
				  4.5(2).
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.4 - Procedures for Handling Public Records Requests

Current through June 25, 2024
All requests to examine, copy or obtain public records, shall
				  be in writing utilizing the standard Request for Public Records form, a copy of
				  which is attached hereto as Exhibit A to these rules and is provided at
www.dbcf.ms.gov
. The request must identify
				  the records,
with particularity
, give the name, mailing address,
				  email address and telephone number of the requesting agency or individual, and
				  must be signed by the requesting party. This requirement may be waived on a
				  case by case basis by the Commissioner or his designee to facilitate the
				  orderly and timely release of the information.
Requests must be submitted by U.S. Mail to the agency's
				  designated Compliance Officer, Richard Rogers, at Post Office Box 12129,
				  Jackson, Mississippi 39326-2129.
An emailed or faxed request does not
				  satisfy the written request requirements.
The Office shall respond to
				  the request in writing within 7 working days from the date of request.
If the records will be disclosed, the Office will give an
				  estimate of the total cost, if any, for compliance with the request. If the
				  estimate is agreeable to the requestor, the DBCF will produce the records
				  requested no later than 14 working days from the date the request and payment
				  are received, or as mutually agreed upon by the parties. Payments must be made
				  by money order, or cashier's check. Denials will be handled pursuant to Rule
				  4.4.8.
Miss. Code Ann. §
				  26-61-5; Miss. Ethics Comm. Model Public Records Rule
				  3.6.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.5 - Fees

Current through June 25, 2024
Any person desiring copies of public records as defined in
				  the Public Records Act, shall be entitled to obtain mechanically reproduced
				  copies at a charge of fifteen cents ($.15) per page, which represents the
				  actual cost of such reproduction.
The costs for searching, reviewing, duplicating or separating
				  of non-exempt material from documents, etc., containing exempt material may be
				  charged in addition to a mechanical reproduction charge of fifteen cents ($.15)
				  per page. The charge for the hours shall be based upon the hourly salary of the
				  lowest paid employee of the DBCF qualified and available to do the job.
Mailing costs calculated at the applicable United States
				  Postal Service rates shall be charged where appropriate. The cost of mailing a
				  notice to third parties via certified mail, return receipt requested, shall be
				  charged to persons requesting the public records.
Miss. Code Ann. §
				  26-61-7; Miss. Ethics Comm. Model Public Records Rule
				  8.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.6 - Records Furnished by Third Parties Containing Trade Secrets, Confidential Commercial or Financial Information

Current through June 25, 2024
Records furnished to the DBCF by third parties, which may
				  contain trade secrets or confidential commercial or financial information, will
				  not be released until reasonable notice to the third parties has been given.
				  For the purpose of providing advance notice to submitters of trade secret or
				  confidential commercial or financial information, thirty (30) days from the
				  submitter's receipt of written notice shall be deemed a reasonable time for the
				  disclosure of the requested records in the absence of a court order to the
				  contrary.
Miss. Code Ann. §
				  26-61-9.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.7 - Exempt Records

Current through June 25, 2024
Any record expressly exempt from the Public Records Act or
				  any record specifically declared to be exempt, confidential, or privileged by
				  any other Mississippi statute, constitutional provision, or judicial order or
				  directive, shall not be subject to inspection and copying. Those records which
				  are specifically exempt by law and which fall within the jurisdiction of the
				  DBCF include, but are not limited to, the following:
* Any reports of examinations or investigations, including
				  all information obtained during the course of such examinations and
				  investigations, conducted pursuant to any statutory authority of the DBCF
				  (
Miss. Code Ann. §§
										81-1-89(1),
				  81-18-21(8),
				  and
				  25-61-11);
* Investigative records (
Miss.Code Ann. §
										25-61-12(2));
* Personnel records and applications for employment, except
				  those which may be released to the person who made the application or with the
				  prior written consent of the person who made the application. (
Miss.
				  Code Ann. §
										25-1-100(1));
* Test questions and answers which are to be used in
				  employment examinations (
Miss. Code Ann. § (25-1-100(2));
* Letters of recommendation respecting any application for
				  employment (
Miss.Code Ann
.
§
				  (25-1-100(3));
* Records which represent and constitute the work product of
				  any attorney and which are related to litigation initiated by or against the
				  DBCF or in anticipation of prospective litigation, including all communications
				  between such attorney made in the course of an attorney/client relationship
				  (
Miss. Code Ann. § (25-1-102));
* All communications made in the course of an attorney-client
				  relationship (
Miss.CodeAnn. §§
										25-1-102;
				  26-61-11; AG Opinion No. 2004-0170);
* Appraisal information which concerns the sale or purchase
				  of real or personal property for public purposes prior to public announcement
				  of the purchase or sale, where the release of such records would have a
				  detrimental effect on such sale or purchase (
Miss. Code Ann
.
§ (31-1-27);
* Any constitutional law, state or federal statutory law, or
				  decision of a court of this state or the United States that declares a public
				  record to be confidential or privileged, or provides that a public record shall
				  be exempt from the Mississippi Public Records Act (
Miss. Code
				  Ann
.
§ (25-61-11).
Miss. Code Ann. §
				  26-61-11.
Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 4 - Organizational Rules › Chapter 4 - Public Records Act Request Regulations › Rule 5-4-4-4.8 - Denials

Current through June 25, 2024
Denials shall contain the specific reasons for the denial.
				  Copies of all denials shall be maintained on file by the DBCF for not less than
				  three years from the date denial is made.
Petition for Internal Administrative Review of Denial: Any
				  person who objects to the initial denial or partial denial of a records request
				  may, within ten (10) business days of the date of such denial, petition for a
				  review of that decision. The petition must be submitted in writing, via U.S.
				  Mail, to the agency's designated Compliance Officer, Richard Rogers, at Post
				  Office Box 12129, Jackson, Mississippi 39236-2129. An emailed or faxed petition
				  does not satisfy the written request requirement.
Consideration of Petition for Review: The Compliance Officer
				  will provide the petition and any other relevant information to the
				  Commissioner who will either confirm or reverse the denial.
Review by the Ethics Commission. Pursuant to Miss. Code Ann.
				  §
									25-61-13,
				  if DBCF denies a requestor access to public records, the requestor may ask the
				  Ethics Commission to review the matter. The Ethics Commission has adopted rules
				  on such requests. They may be found at
www.ethics.state.ms.us
.
Judicial review. Any person whose request for public records
				  was denied may institute a suit in the chancery court of Hinds County, seeking
				  to reverse the denial, as set forth in Miss. Code Ann. §
									25-61-13.
Miss. Code Ann. §
				  26-61-5(3) and
				  25-61-13;
				  Miss. Ethics Comm. Model Public Records Rule
				  9.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.1 - Qualified Companies Eligible for the Job Protection Program

Current through June 25, 2024
A company must qualify as an at-risk industry to receive
				  assists under the Job Protection Program. An at-risk industry ("At-Risk
				  Industry") is a company that has been operating in the State for not less than
				  three (3) consecutive years. The company must have lost jobs or is at-risk of
				  losing jobs because they have been outsourced. These jobs or the work to be
				  performed by the company have been sent to an overseas provider or manufacturer
				  located outside of the United States. The company must be financially sound,
				  present evidence that the company can repay any debt and must not have
				  defaulted on any previous loan from the State or Federal
				  Government.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.2 - Eligible Projects

Current through June 25, 2024
Loan funds may be used for land, building and depreciable
				  fixed assets. Loan proceeds may not be used for working capital, debt
				  refinancing or rolling stock.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.3 - Financing Restrictions for the Job Protection Program

Current through June 25, 2024
Job Protection Program assistance maybe in the form of a
				  grant, loan, or a loan and grant combination. However, the amount of grant,
				  loan, or a loan and grant combination, shall not exceed fifty percent (50%) of
				  the total cost of the project. The maximum grant amount is $200,000. The
				  maximum loan amount is $800,000 while the minimum amount loaned is $200,000.
				  The maximum grant and loan combination is $800,000. The term on the loan shall
				  be ten (10) years maximum or the determined useful life of the project to be
				  financed. The rate of interest will be based on the most recent twenty (20)
				  year general obligation bond issued by the State. Other State finance programs,
				  to include Community Development Block Grants, may not be used to finance the
				  remaining cost of the project.
A.
				Conditions. An existing company that accepts a grant or loan shall not reduce
				employment by more than twenty percent (20%) through the use of the project for
				which the grant or loan is provided. The company must inject a minimum often
				percent (10%) equity into the project. The company must document to the
				satisfaction of MDA that it is an At-Risk Industry.
B. Loan Repayments. Principal and interest
				payments will be due on a monthly basis, with a fixed amount to be paid over
				the life of the loan.
C. Security.
				Each loan will be secured by a lien of such type that provides adequate
				security for MDA to recover its investment in case of default on the loan.
				Liens may be in the form of personal guarantees, liens on the equipment
				installed or security interest in other assets. It should be noted MDA will
				require a one percent (1%) good faith deposit on all projects. Individuals or
				entities with twenty percent (20%) or more ownership in the company will be
				required to provide personal guaranties and life insurance.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.4 - Application Requirements

Current through June 25, 2024
The application to be submitted by a company must
				  include:
A. Documentation that the
				Company is an At-Risk Industry;
B.
				The purpose of the proposed loan including a list of eligible items and the
				cost of each;
C. Documentation on
				how the financing of the project will improve productivity and
				competitiveness;
E. The estimated
				cost of the total project with a detailed breakdown of all public or private
				sources of funding;
F. The time
				schedule for implementation and completion of the project, evidencing an
				expeditious completion of the project;
G. Submit company balance sheets, income
				statements and statements of cash flow for the previous three (3) fiscal years
				and current statements dated within ninety (90) days of application or three
				(3) years of tax returns;
H. A two
				(2) year business plan for the project;
I. List of principal stockholders, partners,
				or parties who have ownership of twenty percent (20%) or more.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.5 - Additional Application Requirements

Current through June 25, 2024
MDA may require additional information as needed. Two (2)
				  copies of the application must be submitted.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.6 - Establishment of Process for Disbursement of Funds, Reimbursements and Loan Closings

Current through June 25, 2024
Based upon the terms and conditions established by MDA, MDA
				  will prepare all security and loan documents, including but not limited to, the
				  Loan Agreement and Promissory Note, (collectively "Loan Documents"). Prior to
				  disbursement of any funds, all Loan Documents must be fully executed. The
				  Borrower will also be responsible for paying for all costs associated with the
				  closing of the loan, including document preparation, title searches and filing
				  fees.
A.
Grant
				Closings.
MDA will provide all documents needed to close the grant
				upon full approval and presentation of all required information
B.
Reimbursement Process.
The MDA will release loan and grant funds on a reimbursement or services
				rendered basis for approved eligible costs of the project as incurred. The
				At-Risk Industry shall certify to MDA that the expenses were incurred and were
				in accordance with the project as approved by MDA. Funds will be released
				periodically upon receipt of supporting documentation from the Borrower based
				upon a schedule established by MDA.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.7 - Responsibility for Audits and Waivers

Current through June 25, 2024
Loans and grants made under the Job Protection Loan Program
				  are subject to audit by the State Department of Audit.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 1 - Job Protection Program › Rule 6-1-1.8 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at anytime. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  Act and is not prohibited by State Law.
Miss. Code Ann. §
										57-9-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.1 - Purpose

Current through June 25, 2024
The Mississippi Advantage Jobs Incentive Program ("Advantage
				  Jobs") provides for a cash rebate to qualified employers for a period of up to
				  ten years. This program is designed to assist qualified companies that promise
				  significant development of the economy of the State of Mississippi (State)
				  through the creation of quality jobs.
Miss. Code Ann. §
										57-62-13
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.2 - Participation

Current through June 25, 2024
To receive this incentive, interested companies must submit
				  an application to the Mississippi Development Authority ("MDA"). Upon approval,
				  an Advantage Jobs Incentive Certificate ("Certificate") will be issued that
				  documents the terms of the rebate program. Once the approved company has met
				  all requirements, the Mississippi State Tax Commission ("Tax Commission") must
				  be notified. After four quarters of program compliance, the Tax Commission will
				  begin to make rebate payments to the company. Payments will continue for ten
				  years, assuming that all requirements are maintained.
Miss. Code Ann. §
										57-62-15
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.3 - Eligible Companies

Current through June 25, 2024
In order to receive benefits under the Advantage Jobs
				  program, a company must be able to demonstrate that the creation of proposed
				  jobs will provide a direct benefit to the State. To qualify, the company must
				  meet the following requirements:
A.
				Any business except retail and gaming establishments that provide an average
				annual wage of 125% of the county or state wage, whichever is less. The
				enterprise must create and maintain a minimum of 10 new full-time jobs in a
				Tier Three county, or 25 new full-time jobs in a Tier One or Two
				county;
B. Data or information
				processing enterprises that provide an average annual wage of 100% of the
				county or state wage, whichever is less. The enterprise must create at least
				100 new full-time jobs in a Tier Three county or 200 new full-time jobs in a
				Tier One or Two county;
C.
				Manufacturing and distribution enterprises that provide an annual average wage
				of 110%) of the county or state wage, whichever is less. The enterprise must
				invest at least $20,000,000 in land, buildings, and equipment and create at
				least 20 new, full-time jobs in a Tier Three county or 50 new full-time jobs in
				a Tier One or Two county;
D.
				Research and development enterprises that provide an annual average wage of
				150% of the state or county wage, whichever is less. The enterprise must create
				at least 10 new, full-time jobs; or
E. Technology intensive enterprises that
				provide an annual average wage of 150% of the state wage. The enterprise must
				create at least 10 new, full-time jobs.
Miss. Code Ann. §
										57-62-15
				  (Rev. 2008)