Title 81, Banks and Financial Institutions

(1) A savings bank may require borrowers to pay all reasonable expenses incurred by the savings bank in connection with making, closing, disbursing, extending, adjusting or renewing loans. (2) A savings bank may require a borrower to pay reasonable charges for late payments made …

Subject to such rules and regulations as the commissioner may prescribe, a savings bank shall agree in writing with borrowers as to the method or plan by which an indebtedness shall be repaid.

Loans aggregating fifteen percent (15%) of the unimpaired capital and unimpaired surplus may be made by any state savings bank to any director or executive officer thereof, as defined in Regulation O promulgated by the Board of Governors of the Federal Reserve System, less existi…

The commissioner shall, from time to time, promulgate such rules and regulations in respect to loans permitted to be made by state savings banks as necessary to assure that such loans are keeping with sound lending practices and to promote the purpose of this chapter.

Unless otherwise provided, every loan or other investment made in violation of this chapter shall be due and payable according to its terms and the obligation thereof shall not be impaired; provided, however, that such violation consists only of the lending of an excessive sum on…

The liability to a savings bank by a person, company, corporation or firm for money loaned, including in the liability of such person, company or firm, where a partnership, the liabilities of the several members thereof, shall not exceed twenty percent (20%) of the aggregate unim…

State savings banks shall have and possess the rights, powers, privileges, immunities, duties and obligations of thrift institutions organized and operating under the laws of this state or the federal government as may be prescribed by the board by general regulation under the ci…

Savings banks shall maintain their books and records in accordance with generally accepted accounting principles.

Savings banks shall maintain cash and readily marketable investments in an amount that may be established in the rules and regulations of the commissioner, but such amount shall not be less than ten percent (10%) of the assets of the savings bank. Upon receipt of a duly certified…

Each savings bank shall maintain an adequate net worth appropriate for the conduct of its business and the protection of its savings account holders. The net worth adequacy of a savings bank shall be determined by the commissioner on a regular basis, but not less than one (1) tim…

(1) Every savings bank shall be authorized to solicit deposits from any person, natural or corporate, except as restricted or limited by law, or by such regulations as the commissioner may prescribe. (2) Savings banks may receive deposits of funds upon such terms as the contract …

(1) Accounts may be in the name of two (2) or more persons, whether minor or adult, in such form that the money in the accounts are payable to either adult, or their survivors, and such money due under such accounts, and all additions thereto, shall be the property of such person…

Any savings bank may accept accounts in the name of any administrator, executor, guardian, trustee or other fiduciary in trust for a named beneficiary or beneficiaries. Such fiduciary shall have the authority to vote as a member of the savings bank as if any membership account we…

(1) An account in a savings bank may be opened by any person or persons with directions to make such account payable upon his or their death to the named beneficiary or beneficiaries. When an account is so opened, the savings bank shall pay any money to the person or persons open…

Notwithstanding any other provision of law, a processing fee may be charged and collected by any savings bank for checks on which payment has been refused by the payor depository institution. A savings bank may also collect such fee for checks drawn on that savings bank with resp…

(1) A savings bank shall have a right of setoff, without further agreement or pledge, upon all deposit accounts owned by any member or customer to whom or upon whose behalf the savings bank has made an unsecured advance of money by loans. Upon default in the repayment of satisfac…

A savings bank and any federal savings bank may issue savings accounts to any minor or other person under disability as the sole and absolute owner of such savings account. Such savings bank may receive payments by or for such owner, pay withdrawals, accept pledges to the savings…

Notwithstanding any restrictions or limitations contained in any law of this state, the deposit accounts of any state savings bank or of any federal savings bank having its principal office in this state, may be accepted by any agency, department or official of this state in any …

Upon the filing with a savings bank by the holder of records as shown by the books of the savings banks, or by his legal representative, of an affidavit to the effect that the account book, certificate or other evidence of ownership of his savings account with the savings bank ha…

The owner of a deposit account may transfer his rights therein absolutely or conditionally to any other person eligible to hold such rights, but such transfer may be made on the books of the savings bank and accompanied by the proper application for transfer by the transferor and…

A savings bank may continue to recognize the authority of an individual holding a power of attorney in writing to manage or to make withdrawals, either in whole or in part, from the deposit account of a customer or member until it receives written or actual notice of death, or of…

Notice to any savings bank doing business in this state of an adverse claim to an account on its books in the name of any savings account holder shall not cause the savings bank to recognize such adverse claimant, unless: (a) such adverse claimant either procures a restraining or…

When an account is held in any savings bank by a person residing in another state or country, the account, or any part thereof, not in excess of Two Thousand Five Hundred Dollars ($2,500.00), may be paid to the administrator or executor appointed in the state or country where the…

Any savings bank may pay to the successor of a deceased depositor, as defined in Section 91-7-322(2), without necessity of administration, any sum to the credit of the deceased not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00) upon affidavit that the deceased died l…

(1) Administrators, executors, custodians, guardians, trustees, pension funds and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, credit unions and all other types of financial institutions, charitable, educational and…

A savings bank may borrow up to twenty-five percent (25%) of its savings liability and net worth for lending purposes; a savings bank may borrow an additional twenty-five percent (25%) of its savings liability and net worth for the purpose of making loans guaranteed by the Federa…

Any state savings bank shall have the power to subscribe to the capital stock and become a member of a federal reserve bank. Any such savings bank shall continue to be subject to the supervision and examination required by the laws of this state, except that the Federal Reserve B…

(1) Notwithstanding any other provision of law, any stock savings bank may simultaneously with its incorporation or conversion to a stock savings bank provide for its ownership by a holding company. In the case of a conversion, members of the converting savings bank shall have th…

(1) Any entity contemplating an action that will result in the change of control of a savings bank or savings bank’s holding company shall first make application to the commissioner for a certificate of approval. Such application shall be in the form prescribed by the commissione…

This chapter shall be known as the “Mississippi Rural Credit Law.”

The bylaws of any organization formed hereunder may be amended by a majority vote of the stock held by those present at any meeting at which a quorum attends, the notice of which meeting shall have been given in accordance with the bylaws and shall have stated the purport of the …

Agricultural credit corporations and agricultural credit cooperative associations organized hereunder shall have power to discount with, or sell to the Federal Intermediate Credit Bank of New Orleans, Louisiana, any note, draft, bill of exchange, debenture, or other obligation, t…

Any agricultural credit cooperative association organized hereunder shall have power, and is hereby authorized to borrow money from said Federal Intermediate Credit Bank on its notes or like instruments of indebtedness, when such notes or like instruments of indebtedness are secu…

No organization hereby authorized shall, without the approval of the Federal Farm Loan Board, discount any note or other obligation, upon which the original borrower has been charged a rate of interest exceeding by more than one and one-half percent per annum the discount rate of…

No organization provided for herein shall have power to use or invest more than twenty percent of its capital stock for organization, current expenses, rent, personal or real property necessary for its use in conducting its business, or for providing warehouses or warehouse facil…

No officer, director, nor stockholder of any organization doing business hereunder shall be individually or personally liable for the debts of said association or corporation.

Organizations provided for hereunder shall have all the usual powers of corporations, and to sue and be sued both in law and in equity.

Any organization herein provided for may acquire, purchase, own, or lease, and control and operate suitable warehouses for the safe storing of such agricultural products as may be produced by its borrowers, or by its members; and whenever it is deemed expedient to utilize the Uni…

Any organization herein provided for shall have power to contract with any existent warehouse, whether under control of the United States Warehouse Act or whether under the control of any law of Mississippi for storage therein of agricultural products produced by borrowers or mem…

All money loaned by any organization provided for herein shall be exempt from taxation.

The purpose of this chapter is to promote the welfare of agriculture and to provide ways and means by which the credit facilities of the Federal Intermediate Credit Bank, now established at New Orleans, Louisiana, may be available to the agricultural and live stock interests of t…

Any corporation, or cooperative association, organized under the laws of this state, having paid up capital of $10,000.00, or more, and in the business of making advances for agricultural purposes shall have power to do business hereunder by amending its charter and by submitting…

The word “organization” as used herein shall be construed to mean “agricultural credit corporation” or “agricultural credit cooperative association.”

Five or more natural persons may unite to form an agricultural credit corporation, the capital stock of which shall be paid in cash and shall not be for less amount than $10,000.00. Any one or more state banks, any one or more national banks, or any one or more state and national…

Those desiring to organize hereunder shall subscribe to, and duly acknowledge, articles of association and bylaws. The articles of association shall set forth the name of the organization which shall include the words “agricultural credit”; the principal place of business; the te…

This chapter may be known and referred to as the “Farmers’ Credit Association Law.”