MS HB1186

Reenacts the Mississippi Debt Management Services Act (sections 81-22-1 through 81-22-28) regulating debt management service providers who work with consumers in Mississippi.

Requires debt management service providers to obtain a license from the Commissioner of Banking and Consumer Finance, with initial fee of $750 and annual renewal fee of $475.

Mandates providers deposit consumer funds in federally insured escrow accounts within 2 business days and remit payments to creditors within 15 business days; prohibits commingling with operating accounts.

Establishes fee caps for services including $30 monthly maintenance fee, $75 one-time setup fee, $15-$25 for credit reports, and $50 for educational courses or bankruptcy consultation.

Extends the repealer date of the debt management services statute from July 1, 2013 to July 1, 2015, and requires the act to take effect July 1, 2013.