MS HB1401

Reenacts sections 81-22-1 through 81-22-28 of the Mississippi Code of 1972, establishing the Mississippi Debt Management Services Act governing debt management service providers.

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 payments to creditors within 15 business days, while prohibiting commingling of funds with operating accounts.

Limits fees that providers can charge consumers, including a maximum $30 monthly maintenance fee, $75 one-time setup fee, and $15-$25 for credit reports.

Extends the repeal date of the Act from July 1, 2015 to July 1, 2016.