Title 81, Banks and Financial Institutions

If any provision of this chapter or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as to any bank, bank holding company, foreign bank or other person or circumstances, or to be superseded by federal law, the re…

It is the intent of this chapter to permit interstate bank branching under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this chapter.

(a) As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:(a) “Bank” means any bank the deposits of which are insured by the Federal Deposit Insurance Corporation or any successor thereto;…

(1) In accordance with the provision of this chapter, a Mississippi bank may enter into an interstate branching transaction, or other exercise, the result of which the Mississippi bank, or the resulting Mississippi bank, establishes, maintains or operates one or more branches in …

(1) An interstate branching transaction shall not be permitted under this chapter if, upon consummation of such transaction, the resulting bank would control in excess of twenty-five percent (25%) of the total deposits of all offices located in the State of Mississippi of commerc…

(1) This chapter shall be known and may be cited as the “Mississippi International Banking Act.” (2) This chapter is intended generally to provide for state regulation of the participation by foreign banks in the financial markets of the State of Mississippi. (3) Consistent with …

(a) For purposes of this chapter:(a) “Bank” or “insured depository institution” means any bank the deposits of which are insured by the Federal Deposit Insurance Corporation, as provided in Section 2(c) of the Bank Holding Company Act (12 USCS 1841(c) or Section 3(a)(1) of the Fe…

The commissioner is authorized and empowered to issue such rules, regulations and orders as the commissioner may deem necessary in order to perform his or her duties and functions under this chapter and to administer and carry out the provisions and purposes of this chapter and t…

If any provision of this chapter or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as to any bank, bank holding company, foreign bank, or other person or circumstances, or to be superseded by federal law, the r…

This article is generally intended to ensure that the laws and regulations of the State of Mississippi applicable to the ownership and operations of Mississippi banks, and interstate branches in this state of out-of-state banks, do not discriminate against such banks that are own…

(1) Except as provided in subsection (2) of this section:(a) The laws and regulations of the State of Mississippi governing the acquisition or ownership of controlling or other interests in Mississippi banks or in out-of-state banks seeking to establish and maintain one or more i…

(a) Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this article is intended:(a) To authorize banking activities and operations, under Mississippi lice…

(1) No foreign bank shall transact business in the State of Mississippi except at a Mississippi state branch or Mississippi state agency which it is licensed to establish and maintain pursuant to, and at which it conducts such activities as are permitted by, this chapter. (2) Sub…

(a) A foreign bank, in order to procure a license under this chapter to establish and maintain a Mississippi state branch or Mississippi state agency shall submit an application to the commissioner. Such application shall contain:(a) The same information as required by the Board …

(1) A foreign bank making an application under this chapter for a license to establish and maintain a Mississippi state branch or Mississippi state agency shall deliver to the commissioner:(a) At least two (2) (or more as the commissioner may require by regulation) duplicate orig…

Upon applying to the commissioner under this chapter for a license to establish and maintain a Mississippi state branch or state agency, a foreign bank shall pay to the commissioner an application fee in such amount and in such manner as the commissioner shall require by regulati…

(1) No foreign bank which is licensed under this chapter to establish and maintain a Mississippi state branch or Mississippi state agency shall concurrently maintain a federal branch or federal agency in the State of Mississippi. (2) No foreign bank which maintains a federal bran…

(1) Except as otherwise specifically provided in this article or in regulations or orders adopted by the commissioner, and notwithstanding any other law or regulation of the State of Mississippi to the contrary, operations of a foreign bank at a Mississippi state branch or Missis…

(1) No foreign bank which is licensed to establish and maintain a Mississippi state branch shall engage in fiduciary activities at such branch office unless such foreign bank shall have first obtained a certificate of authority from the commissioner to engage in fiduciary activit…

(1) A Mississippi state branch or Mississippi state agency of a foreign bank licensed under this chapter may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for any depository institution affiliate…

(1) No foreign bank shall establish or maintain a Mississippi state representative office unless such foreign bank is licensed by the commissioner to maintain such a Mississippi representative office. (2) Nothing in subsection (1) shall be deemed to prohibit a foreign bank which …

(1) The application for a license to establish and maintain a Mississippi representative office shall be in writing under oath and shall be in such form and contain such information as the commissioner may require by regulation or order. The application shall be accompanied by a …

(1) A foreign bank making an application for a license to establish and maintain a Mississippi representative office shall deliver to the commissioner two (2) (or more as the commissioner may require by regulation) duplicate originals of the foreign bank’s application. (2) The co…

(1) A foreign bank which is licensed to establish and maintain a Mississippi representative office may, subject to such regulations as the commissioner may prescribe, engage in the following activities:(a) Solicitation for loans and in connection therewith the assembly of credit …

(a) The commissioner, after notice and opportunity for a hearing, may revoke a license to establish and maintain a Mississippi representative office if he or she finds:(a) The foreign bank has violated any provision of this chapter or any other law, rule or regulation of the Stat…

Each foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall post its license in a conspicuous place at such office.

No license issued by the commissioner in accordance with this chapter shall be transferable or assignable.

(1) A foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency, or Mississippi representative office shall file with the commissioner an instrument irrevocably appointing the commissioner and his or her successors in office to …

(1) Service of any lawful process in any judicial or administrative proceeding against the foreign bank or any of its successors which arises out of the foreign bank’s activities in this state shall be made on the commissioner by delivering to and leaving with him or her, or with…

A foreign bank which is licensed to maintain a Mississippi state branch or Mississippi state agency, whenever its articles of incorporation are amended, shall forthwith file in the office of the commissioner a copy of such amendment duly authenticated by the proper officer of the…

(1) A foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency must secure an amended license if it changes its corporate name, changes the duration of its corporate existence or desires to pursue in the State of Mississippi …

A foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall file with the commissioner a notice, in such form and containing such information as the commissioner may prescribe, no later…

(1) No foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall relocate any such office unless the foreign bank provides prior written notice to commissioner and the commissioner shal…

(1) A Mississippi state branch, Mississippi state agency or Mississippi representative office shall be subject to examination by the commissioner at such intervals and in such a manner as he or she shall establish by regulation or order. (2) In conducting an examination pursuant …

(1) The commissioner shall have all of the powers granted to him or her by the laws of the State of Mississippi to the extent appropriate to enable him or her to supervise each Mississippi state branch, Mississippi state agency, or Mississippi representative office. (2) If, after…

(1) Each foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall file with the commissioner such reports as and when the commissioner may require by regulation or order. (2) Each repo…

All reports of examinations and investigations, correspondence and memoranda concerning or arising out of such examinations and investigations, including any duly authenticated copy of copies thereof in the possession of any foreign bank, shall be subject to subpoena and public a…

Each foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall maintain at any such office, and make available upon request by the commissioner, appropriate books, accounts and records …

(1) Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency in Mississippi shall keep the assets of its business in the State of Mississippi separate and apart from the assets of its business outside the State of Missis…

Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall, in a manner established by the commissioner by regulation or order, give notice that deposits and credit balances in such office are not insured by the Fede…

A foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall be subject to the same limitations with respect to the payment of interest on deposits as a state bank which is a member of the Federal Reserve System.

(1) Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall keep on deposit, in accordance with such regulations or orders as the commissioner may promulgate, with such unaffiliated Mississippi banks as such forei…

(1) Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall hold in the State of Mississippi currency, bonds, notes, debentures, drafts, bills of exchange or other evidences of indebtedness, including loan partici…

(1) No foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall close such office without filing an application with, and obtaining the prior approval of, the commissioner. An applicat…

(a) If, after notice and a hearing, the commissioner finds any of the following with respect to a foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency, he or she may issue an order suspending or revoking the license of su…

If the commissioner finds that any of the factors set forth in Section 81-25-167 are true with respect to any foreign bank which is licensed to maintain a Mississippi state branch or Mississippi state agency and that it is necessary for the protection of the interests of creditor…