Mississippi Administrative Code

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., autho…

"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…

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…

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…

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. Su…

§ 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 sign…

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 bot…

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. Notes 5 Miss. Code. R. 3-4.1 Miss. Code Ann. § 75-67-405; Miss. Code Ann. § 75-67-…

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 recor…

1. Licensee must maintain a repossession log or separate record of all repossessed vehicles. Such record must include the customer's name, vehicle information (including make, model and VIN number), date of repossession, date of sale, name of purchaser, amount of sale or payment,…

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 informa…

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.…

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 mon…

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. Notes 5 Miss. Code. R. 3-4.7 Miss. Code Ann. § 75-67-405; Miss. Code Ann. § 75-67-407; Effecti…

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 lic…

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 r…

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 connect…

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 …

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 …

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. Sim…

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 agr…

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 incl…

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. Notes 5 Miss. Code. R. 3-6-6.17 Miss. Code Ann. § 75-67-615(1). Adopted 3/3/2021

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 timel…

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 cus…

Unless otherwise defined in the MCAA, the following terms shall be defined as follows: AMOUNT FINANCED. The amount of money disbursed to the account holder excluding any fees or charges. Pursuant to Regulation Z ( 12 C.F.R. § 1026.18(b)) , this may be described to the account hol…

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 res…

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 followi…

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…

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 charg…

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 "Financ…

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 considerati…

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 fa…

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, retroactive…

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. Notes 5 Miss. Code. R. 4-1.1 Miss…

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 Dep…

Authority of the Department of Banking and Consumer Finance to examine banking institutions. The Department of Banking and Consumer Finance was created and solely charged with the execution of all laws relating to corporations, carrying on a banking business in the State of Missi…

1. Bank Examinations. It shall be the duty of the commissioner to apportion the work of examining banks among the examiners in such a way that each bank, under the provisions of law, shall be examined at least once during an eighteen-month period and more often, if necessary, in …

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 amendme…

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…

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. Eac…

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 H…

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 concerni…

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 authori…

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 D…

This regulation to conform with requirements of Section 25-43-2.105 et seq. of the Mississippi Code of 1972, as amended Notes 5 Miss. Code. R. 4-3.1 Miss. Code Ann. § 25-43-2.105 (Rev. 2005) Amended 9/21/2020

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…