MS SB2557

Reenacts sections 81-22-1 through 81-22-28 of the Mississippi Code establishing the Mississippi Debt Management Services Act, which regulates debt management service providers operating in the state.

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

Mandates that providers deposit consumer funds in federally insured escrow accounts within two business days and remit funds to creditors within 15 business days, with separate records maintained for each consumer.

Caps allowable fees including maintenance fees ($30/month), setup fees ($75), credit report fees ($15-25), educational course fees ($50), and bankruptcy consultation fees ($50).

Extends the repeal date of the debt management services licensing provisions from July 1, 2013 to July 1, 2015, allowing the regulatory framework to remain in effect for two additional years.