Title 75, Regulation of Trade, Commerce and Investments

(a) The following words and phrases, when used in this article, shall, for the purposes of this article, have the meanings respectively ascribed to them in this section, except where the context clearly describes and indicates a different meaning:(a) “Person” means and includes e…

(1) No person shall engage in the business of lending money except as authorized by this article, and without being the holder of a valid and subsisting license to engage in such business as provided by the Small Loan Privilege Tax Law (Section 75-67-201 et seq.). (2) Every perso…

The provisions of this article shall be enforced and administered by the state comptroller of banks and his duly authorized agents, representatives and employees.

It shall be a violation of this article for any licensee to advertise, print, display, publish, broadcast or permit to be advertised, printed, displayed, published or broadcast, in any manner whatsoever, any statement or representation with regard to rates, terms or conditions of…

(a) Each licensee shall keep and use in his business such books, accounts and other records which shall be in accordance with sound and accepted business practices and shall be in such form as will clearly reflect all loan transactions for every borrower and will enable the commi…

The comptroller or his duly authorized representatives shall have free access to the records, offices, places of business, safes and vaults of all licensees for the purpose of determining whether such licensee is complying with the provisions of this article and any regulations m…

The commissioner may charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each office or location within the State of Mississippi, plus any actual expenses incurred while examining the li…

If any finance charge in excess of that expressly permitted by Section 75-17-21 or 75-67-181 is contracted for or received, all finance charges and other charges shall be forfeited and may be recovered, whether the contract be executed or executory. If any finance charge is contr…

(1) With respect to any loan made or handled by a licensee hereunder, the licensee and the borrower may, at any time, agree to a deferral of all or part of one or more unpaid installments, and the licensee may make and collect a charge therefor, subject to the following provision…

(1) Any licensee under this article may charge any borrower on loans of One Hundred Dollars ($100.00) or more the actual cost of recording any instrument executed as security for a loan; any reasonable fee paid to an attorney for investigating the title to any property given as s…

Any licensee hereunder who receives a check, draft, negotiable order of withdrawal or like instrument drawn on a bank or other depository institution given by any person in full or partial repayment of a loan or other extension of credit may, if such instrument is not paid or is …

Notwithstanding any other law to the contrary, for purposes of compliance with maximum charges permitted under Section 75-17-21 and Section 75-67-181, any charges, fees or premiums for voluntarily purchased credit insurance or auto club memberships shall not be included in the ma…

(1) Every licensee shall:(a) At the time any loan is made, deliver to the borrower, or if there are two (2) or more borrowers to one (1) of them, a statement in the English language, disclosing (i) the date of the loan, (ii) the amount of the loan, (iii) the schedule of payments …

The commissioner shall have the power and authority to adopt, promulgate and issue such rules and regulations, not inconsistent with the provisions of this article or some other statute, as he shall deem necessary for the purpose of the administration of this article. A copy of e…

Whenever the comptroller has reasonable cause to believe that any person is violating any of the provisions of this article, in addition to all other remedies provided hereby, the comptroller may, by, through and on the relation of the attorney general, district attorney or count…

Nothing herein contained shall be so construed so as to invalidate, impair or affect the obligation of any contract, agreement or loan between any lender or licensee and borrower which was lawfully entered into prior to July 1, 1958, or which shall be lawfully entered into prior …

This article shall not apply to any person, firm, partnership, corporation or association doing business under any of the laws of this state relating to banks, savings banks, trust companies, building and loan associations, insurance companies, pawnbrokers or credit unions; nor s…

(1) A licensee under this article shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the …

Municipalities and counties in this state may enact ordinances that are in compliance with, but not more restrictive than, the provisions of this article. Any order, ordinance or regulation existing on April 28, 2004, of Sections 75-67-115, 75-67-215, 75-67-247 and this section, …

This article shall be known as the “Mississippi Consumer Alternative Installment Loan Act.”

(1) No person, partnership, association, limited liability company or corporation shall engage in the business of making consumer installment loans of money as provided by this article and charge, contract for, or receive on any such loan interest, discount, or consideration ther…

(1) For the purposes of this article and for loans made at the rates indicated in Section 75-67-181, the following terms shall have the meanings as defined in this subsection:(a) “Applicable interest,” for a precomputed loan contract, means the amount of interest attributable to …

(1) In lieu of the interest and charges in Section 75-17-21, on loans of Five Thousand One Hundred Dollars ($5,100.00) or less, a licensee may contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method, of fi…

(1) The commissioner shall have the power and authority to adopt, promulgate and issue any rules and regulations, not inconsistent with law, necessary for the enforcement of this article. The commissioner may investigate any business conducted in the licensed office to determine …

(1) A licensee shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the Attorney General, n…

This article shall be known as and referred to as “The Small Loan Privilege Tax Law” of this state.

(a) The following words and phrases, when used in this article, shall, for the purposes of this article have the meanings respectively ascribed to them in this section, except where the context clearly describes and indicates a different meaning:(a) The word “person” shall mean a…

No person shall engage in the business of lending money except as authorized by this article and by the Small Loan Regulatory Law (Section 75-67-101 et seq.), and without being the holder of a valid and subsisting license to engage in such business as provided herein, furnishing …

The provisions of this article shall be enforced and administered by the state comptroller of banks and his duly authorized agents, representatives and employees.

(a) If any person shall desire to engage in the business of lending money in the State of Mississippi, as defined herein, such person shall make a written request to the commissioner for the necessary license application form. The commissioner shall mail or deliver the license ap…

There shall be presented and filed with such application a good and sufficient bond in the principal amount of one thousand dollars ($1,000.00) written by some surety company authorized to do business in the State of Mississippi, which shall be subject to the approval of the comp…

With each initial application for a license under the provisions of this article, the applicant shall pay to the commissioner at the time of making such application a license fee of Seven Hundred Fifty Dollars ($750.00), and for renewal applications, an annual renewal fee of Four…

(1) If any person engages in business as provided for in this article without paying the license fee provided for in this article before commencing business or before the expiration of the person’s current license, as the case may be, then the person shall be liable for the full …

When any application is filed for a license under the provisions of this article and the requisite fee is paid and the necessary bond furnished, the commissioner shall make an investigation for the purpose of determining whether or not the financial responsibility, previous exper…

When any application for a license is denied, the commissioner shall return to the applicant the bond furnished by him and shall also return to the applicant one-half (½) of the license fee paid by him, the remaining one-half (½) thereof to be retained by the commissioner, to be …

When any application for a license is denied, the applicant shall have the right to a hearing thereon by and before the comptroller by filing, within thirty (30) days after the date of the receipt of the notification of denial, a written petition with the comptroller requesting s…

All such hearings shall be held and conducted in the office of the comptroller, and the applicant and any and all other interested persons may appear and present such evidence as shall be relevant and material and the comptroller may cause the production and presentation of such …

At all such hearings the comptroller shall cause the evidence presented to be taken down and a record made thereof and he shall make a written finding and decision with reference to the question presented and shall cause same to be included in the record. The original of said rec…

The license shall be in such form as the commissioner may prescribe and, in addition to such other information as the commissioner may deem proper, it shall set forth the name and address of the licensee, and such license shall be kept conspicuously posted in the licensee’s place…

Not more than one (1) place of business shall be operated or maintained under the same license, but the commissioner may issue separate licenses to the same licensee for different and separate places of business upon compliance with all of the provisions of this article governing…

All applications, bonds, records and other papers and documents filed with the commissioner in connection with applications for an issuance of all licenses shall be preserved by the commissioner as a permanent record in his office, and shall be available to the public in accordan…

If the comptroller shall find, at any time, that any bond filed with him by a licensee under the provisions of this article is insecure for any reason, or if same has been exhausted, the comptroller shall require an additional bond in the amount of one thousand dollars ($1,000.00…

Any person holding a license under the provisions of this article may discontinue his business by giving the comptroller written notice thereof and surrendering his license to the comptroller, but such action shall in nowise relieve the licensee or the surety on his bond from any…

The commissioner may, if he be of the opinion that reasonable grounds exist to believe that a licensee has willfully violated any of the provisions of this article, or the Small Loan Regulatory Law (Section 75-67-101 et seq.), or any regulation of the commissioner made under the …

All fees, license tax and penalties provided for in this article which are payable to the commissioner shall, when collected, be deposited in a special and separate fund to be known as the “Consumer Finance Fund” and shall be expended by the commissioner solely and exclusively fo…

This article shall not apply to any person, firm, partnership, corporation or association doing business under any of the laws of this state relating to banks, savings banks, trust companies, building and loan associations, insurance companies, credit unions or pawnbrokers; nor s…