Mississippi Administrative Code

All requests must be mailed, delivered or transmitted via facsimile to the OSA. They may also be submitted electronically via e-mail. Notes 4 Miss. Code. R. 4-1.5 Miss. Code Ann. § 7-7-211.

(1) Assessments - The term assessments shall include all court imposed fees, fines, or other amounts imposed upon a defendant or other person responsible for such costs in municipal or county courts; which are required by state law to be collected by the court and settled to a st…

(a) Who Collects Assessments - Only the clerk of the court or authorized deputy court clerk may receipt an assessment collection. (b) How Assessments are Collected - (1) Cash (2) Check from a Miss. resident paying a Title 63 Ch. 3, 5, or 7 traffic violation (required by Section 6…

(a) Partial payments are classified as assessments based on judges "order of collection policy" (A. G. 9/25/86). However, Section 25-7-27(2) requires constables to be paid from first collections. (b) Partial collections must be settled monthly. Notes 4 Miss. Code. R. 5-1.3 Miss. …

(a) Receipts, as required by state law, must be issued to support each collection. (b) Settlement of collections must be made (daily) Section 25-1-72. (c) Account Funds (1) Criminal assessments held by Court Clerks must be accounted for within the appropriate fund authorized by s…

(a) Daily Settlement all collections of assessments must be settled by the court clerk into the depository/treasure within one working day. (See Miss. Code Ann. Section 25-1-72). (1) Monthly Settlement (i) County Courts - all collections of assessments in county courts must be se…

(a) Refunds by Counties or Municipalities(1) Authorization of Refunds - Court Clerks may authorize a refund of an assessment when any of the following circumstances occur.(i) Over payments have been made due to collection error, (ii) upon a proper order of a court , (iii) or when…

All state agencies, colleges and universities are required to maintain complete and current inventory lists of each property with a cost of $1000 or more. If the price paid to acquire an item of property is unknown or if an item of property is donated, then the entity shall inclu…

The following property items shall be included on inventory regardless of the price paid to acquire the item or the fair market value of the item: (1) Weapons (2) Cameras and camera equipment (3) Two way radio equipment (4) Televisions (5) Law maintenance equipment (6) Cellular t…

Items acquired through Surplus Property shall be added to an agency's inventory list in accordance with Rule 2.01 of this Chapter: that is, Surplus Property items are added at the price the agency paid to acquire the item, not the original price of the item, nor the price it woul…

In the event an agency is required to include an item on its property inventory list using the item's fair market value, the agency will be required to maintain adequate documentation to justify how they arrived at the fair market value. Notes 4 Miss. Code. R. 6-1.4 Miss. Code An…

Notes 4 Miss. Code. R. 7-1.1 Miss. Code Ann. § 7-7-211.

The State Auditor has authority "To postaudit and, when deemed necessary, preaudit and investigate separately the financial affairs of (i) the offices, boards and commissions of county governments and any departments and institutions thereof and therein ..." Notes 4 Miss. Code. R…

These regulations apply to audit contracts of Mississippi counties, including component units of counties, executed on or after September 1, 2012. Any new contracts executed after this date must conform to these regulations. Notes 4 Miss. Code. R. 8-1.2 Miss. Code Ann. § 7-7-211…

Audits may be performed by the Auditor's staff or by a firm registered with the State Auditor and selected by the County, unless the State Auditor decides to hire a firm. In the event the State Auditor hires a firm, the county will be billed by the State Auditor for the firm's se…

Before engaging a firm to perform an audit on his behalf, the State Auditor will obtain competitive proposals utilizing the procedures outlined in Chapter 3 of the Mississippi Procurement Manual for obtaining competitive sealed proposals. Notes 4 Miss. Code. R. 8-1.4 Miss. Code A…

In fiscal years in which the county is not audited by the State Auditor or his designee, the county may select a firm from a list of registered firms maintained by the State Auditor. The State Auditor shall be a party to the contract entered into for these audits, and has the rig…

The State Auditor shall give reasonable notice to school districts regarding the times during which the State Auditor will perform such audits. In any fiscal year in which the State Auditor is not scheduled to perform an audit, the school board shall cause all the financial recor…

These regulations apply to audit contracts of Mississippi school districts executed on or after September 1, 2012. Any new contracts executed after this date must conform to these regulations. Notes 4 Miss. Code. R. 8-2.2 Miss. Code Ann. § 7-7-211

Audits may be performed by the Auditor's staff or by a firm registered with the State Auditor and selected by the district, unless the State Auditor decides to hire a firm. In the event the State Auditor hires a firm, the district will be billed by the State Auditor for the firm'…

Before engaging a firm to perform an audit on his behalf, the State Auditor will obtain competitive proposals utilizing the procedures outlined in Chapter 3 of the Mississippi Procurement Manual for obtaining competitive sealed proposals. Notes 4 Miss. Code. R. 8-2.4 Miss. Code A…

In fiscal years in which the district is not audited by the State Auditor or his designee, the school district may select a firm from a list of registered firms maintained by the State Auditor. The State Auditor shall be a party to the contract entered into for these audits, and …

This regulation was adopted as an amendment to the previous Bank Regulation 1 to conform to the Department's current practice and to eliminate obsolete provisions and to add clarification. Pursuant to the Mississippi Administrative Procedures Law, Section 25-43-1.101 et seq., Mis…

This regulation amended Regulation 2 and entitles state chartered banks, state chartered savings and loan associations, and state chartered savings banks the same privileges as federally chartered depository institutions. The intent of Regulation 2 is to clarify the rights, power…

This regulation was adopted as an amendment to the Regulations for the Mississippi SAFE Mortgage Act amendments made by the Mississippi Legislature with an effective date of July 1, 2013 and are intended only to clarify the existing law (both statutory and regulatory) governing t…

1. If the broker collects the Lock In fee on the lender's behalf and the fee is made payable to the broker, then the fee must be placed in the broker's escrow account until it is transferred to the lender. 2. The mortgage broker may not charge or collect a lock-in fee that is not…

The Department is incorporating the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators "Guidance on Nontraditional Mortgage Products Risks", which was issued on November 14, 2006, into Department Regulations. In addition, this Gui…

Loan originators are required to be licensed per Section 81-18-7(4), Mississippi Code of 1972, Annotated, and to follow specific requirements outlined in this section. 1. Loan originators must be W-2 employees of the licensee. 2. If a loan originator leaves a licensed mortgage br…

1. In order to determine the applicant's suitability for a license, the Commissioner and/or the NMLS shall forward the fingerprints submitted with the application to the Mississippi Department of Public Safety and to the FBI for a national criminal history record check. The Commi…

1. The following chart will be the Surety Bond Requirement for the renewal for all Licensed Mortgage Brokers based on the volume of Mississippi residential mortgage loans originated by the licensed mortgage broker from the previous licensing / calendar year. This only includes lo…

1. Wholesale lending offices only (have no direct contact with a consumer) are not required to be licensed. No origination or modification of a Mississippi residential mortgage loan may occur at this location. The wholesale lending office / branch may accept payments on a residen…

Each principal place of business and branch office in the state of Mississippi shall meet all of the following requirements: 1. The location shall be in compliance with local zoning ordinances; however, zoning shall not be residential. This documentation should include a letter f…

Advertisements are considered to be in print or by electronic means and do include internet websites and advertisements. Business cards are considered by the Department to be a form of advertisement and must meet the requirements for such. Notes 5 Miss. Code. R. 2-1.7 Miss. Code …

The required mortgage company files will be kept at the Books and Records Information address listed on the NMLS system. The individual borrower files of a mortgage broker and lender shall contain at least the following items. Please note, that the use of correction fluid on any …

The company or loan originator, once assessed a penalty by the Department, will have thirty (30) days in order to pay the full amount of the penalty, unless otherwise noted by the Department. Notes 5 Miss. Code. R. 2-1.9 Miss. Code Ann. § 81-18-29; Effective date August 30, 2013…

These Regulations are promulgated pursuant to Miss. Code Ann. § 75-67-129 of the Small Loan Regulatory Law, Miss. Code Ann. § 75-67-243 of the Small Loan Privilege Tax Law, and other applicable statutes to establish administrative procedures required by the Department of Banking …

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,…

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 Saturd…

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 oppo…

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 licen…

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. Notes 5 Miss. Code. R…

The following words and phrases, when used in these Regulations or in the related statutes shall, for the purposes of these Regulations, have the meanings respectively ascribed to them in this section, except where the context clearly describes and indicates a different meaning: …

1. All insurance policies issued by or through a Licensee or an agent of a Licensee shall be written only through insurance companies authorized to do business in the State of Mississippi and only through an insurance agent or broker licensed by the State of Mississippi. Only lic…

Property insurance may be written in connection with any loan on which real or personal property is taken as collateral on the following terms and conditions: 1. Personal property insurance shall be written for an amount not to exceed the lesser of the total sum of payments to be…

A Licensee shall maintain the following information and documents for all insurance claims: 1. A Fire Marshal's report or dated published public notification of the fire or loss and a list of collateral covered by insurance with an individual valuation of each item pledged at the…

1. Closing Fee_- A licensee may contract for and charge a closing fee as follows: (i) for loans in the amount of Ten Thousand Dollars ($10,000.00) or less, four percent (4%) of the total payments due on the loan or Twenty-five dollars ($25.00), whichever is greater; (ii) for loan…

In the event of the prepayment of a loan secured by an interest in real estate, the Licensee may charge a prepayment penalty not exceeding the amounts authorized by Miss. Code Ann. § 75-17-31. A prepayment penalty may not be applied in the event of the prepayment of a loan by ins…