Loading chat...
MS HB172
Bill
Status
Failed
3/4/2010
Primary Sponsor
Joe Warren
Click for details
AI Summary
- Reenacts Sections 81-22-1 through 81-22-28 of the Mississippi Code, which constitute the Mississippi Debt Management Services Act regulating debt management service providers operating in the state
- Extends the repealer (sunset) date for the Act from its previous expiration to July 1, 2013
- Requires debt management service providers to obtain a license ($750 initial fee, $475 annual renewal) and post a $50,000 surety bond to operate in Mississippi
- Caps consumer fees at $30/month for maintenance, $75 one-time setup, $15–$25 for credit reports, $50 for educational courses, and $50 for bankruptcy consultations by approved nonprofit agencies
- Grants the Commissioner of Banking and Consumer Finance authority to examine licensees, investigate complaints, impose civil penalties up to $500 per violation, and suspend or revoke licenses for noncompliance
Legislative Description
Mississippi Debt Management Service Act; extend the date of the repealer on.
Last Action
Died In Committee
3/4/2010
Full Bill Text
No bill text available