MS HB1155

Creates Section 81-1-139 of Mississippi Code to authorize the Commissioner of Banking and Consumer Finance to examine service providers that provide services to state-chartered financial institutions.

Covers service providers offering data processing services, activities supporting financial services (lending, funds transfer, fiduciary activities, trading, deposit taking), internet-related services (web services, mobile applications, software development, security monitoring), and activities related to banking business.

Establishes that examination reports and related information are confidential to the Department of Banking, but the commissioner may share examination reports with depository institutions using the service provider.

Allows the commissioner to accept examinations conducted by other federal or state regulatory agencies in lieu of independent examination, and authorizes joint examinations and enforcement actions with other bank regulatory agencies.

Service providers must bear the cost of any examination performed by the Department of Banking; effective July 1, 2016.