MS HB470

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

Requires debt management service providers to obtain licenses from the Commissioner of Banking and Consumer Finance, with initial fees of $750 and annual renewal fees 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; prohibits commingling of consumer funds with operating accounts.

Limits fees providers may charge consumers to: monthly maintenance fee ($30), setup fee ($75), credit report fee ($15-$25), educational course fee ($50), and bankruptcy consultation fee ($50).

Extends the repealer date of the debt management services regulation from July 1, 2016 to July 1, 2019.