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

4 provisions identified: 2 benefits, 0 costs, 2 mixed.

Stronger oversight of bank dividends and charters

Beginning July 1, 2026, a state bank must get the Commissioner’s written approval to pay dividends if it is under a corrective plan or enforcement action, would be undercapitalized after payment, or the Commissioner sees safety and soundness risks. Directors who approve unlawful dividends are personally liable for the full amount, and the Commissioner can demand repayment and sue in chancery court. The charter renewal or amendment process runs through the Commissioner, who receives three certified copies and a fee, certifies approvals, and forwards records to the Attorney General, the Governor, and the Secretary of State.

Banks can invest in community projects

Beginning July 1, 2026, state banks and trust companies can make community and public welfare investments to the same extent national banks can under federal rules. Banks must notify and request approval from the Department of Banking, unless they are an eligible bank under Section 81-3-1, which is exempt from notice and approval.

ATM fees capped and disclosed

Beginning July 1, 2026, banks can charge a fee when you use their shared-network electronic terminals, but they must show the fee before you finish so you can cancel without paying. The fee cannot be more than $2.00 or 4% of the transaction, whichever is greater. Contracts that share terminals cannot stop a bank from charging a lawful fee or make it give up its legal rights.

New rules for electronic bank terminals

Beginning July 1, 2026, the law defines which unmanned terminals count for electronic fund transfers. It covers cash withdrawals, deposits, loan applications or acceptances, account transfers, and check issuance at the terminal. It excludes access by personal computer or telephone. Interactive teller machines are defined as live video teller devices. These terminals are not treated as branches and do not need branch licenses. A bank must apply to the Commissioner and get a permit if the terminal will give customers convenient access.

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

Senate vote • 2/9/2026