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MS SB2427
Bill
Status
Passed
3/17/2010
Primary Sponsor
Joey Fillingane
Click for details
AI Summary
- Reenacts all sections (81-22-1 through 81-22-28) of the Mississippi Debt Management Services Act, which governs licensing and regulation of debt management service providers operating in the state
- Extends the sunset/repealer 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 with the Commissioner of Banking and Consumer Finance
- 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
- Mandates that consumer funds be deposited within two business days into federally insured escrow accounts and remitted to creditors within 15 business days, with providers prohibited from commingling escrow and operating funds
Legislative Description
MS Debt Management Services Act; extend repealer on.
Last Action
Approved by Governor
3/17/2010
Full Bill Text
No bill text available