MS SB2540

Authorizes the Commissioner of Banking and Consumer Finance to require consumer industry licensees to participate in a multistate licensing system for uniform administration across states

Grants the commissioner authority to establish rules requiring background checks including criminal history via fingerprints, civil/administrative records, and credit history for licensees

Allows the commissioner to set fees for license applications and renewals through the multistate system, as well as adjust renewal and reporting dates as needed

Requires any person engaged in licensed consumer industry activity to use the multistate system for all licensing functions and pay applicable charges

Exempts persons who are already exempt from licensure under existing consumer industry regulations from the multistate licensing requirement

Effective date: July 1, 2011