MississippiSB 23832026 Regular SessionSenateWALLET

Banks and banking; revise various definitions, procedures and provisions related to.

Sponsored By: Chris Johnson (Republican)

Signed by Governor

Banking and Financial ServicesBusiness and Financial Institutions

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 3 benefits, 1 costs, 1 mixed.

Banks can invest in community projects

Beginning July 1, 2026, state banks and trust companies can invest in community and economic development groups, projects, and other public welfare investments allowed for national banks. Banks must send required notices or approval requests to the state banking department. Banks that qualify as eligible banks are exempt from those state requirements.

Banks face fewer charter approval steps

Beginning July 1, 2026, the banking commissioner approves state bank charter renewals and changes. The former state comptroller, attorney general, and governor approval steps are removed. Stockholders must approve a change by a majority of all outstanding stock, and the bank must send three certified copies of the resolution and pay the required fee.

Banks get more freedom over terminals

Beginning July 1, 2026, qualifying public electronic terminals are not state branches and do not need state branch licenses. Mississippi banks and thrifts can open or close these terminals without prior approval from the banking commissioner. They must use sound judgment and safe banking practices. Qualifying terminals serve federally insured banks or thrifts and can accept deposits, dispense cash, lend money, or start electronic transfers. Video teller machines connect customers with a teller in real time.

Higher fees at shared bank terminals

Beginning July 1, 2026, Mississippi banks and thrifts can set fees for terminals connected to shared networks, with no state-set fee cap. They must show the fee in time for you to cancel without paying it. Banks and thrifts must also use sound judgment and safe banking practices.

New safeguards for state bank dividends

Beginning July 1, 2026, state banks can pay dividends under their charter or bylaws without prior written approval in ordinary cases. Approval is still required if a bank is under a corrective plan or enforcement action, would become undercapitalized under its federal regulator’s definition, or the commissioner finds a safety risk. Directors who approve an unlawful dividend are personally liable for the amount, and the commissioner must seek its return and may sue to recover it.

Sponsors & Cosponsors

Sponsor

Chris Johnson
Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 130 • No: 38

House vote • 3/4/2026

Passed

Yes: 78 • No: 38 • Other: 1

Senate vote • 2/9/2026