MS HB399

Authorizes the Mississippi Commissioner of Banking and Consumer Finance to examine third-party service providers that provide services to state-chartered financial institutions.

Covers service providers offering data processing services, financial service support activities (lending, funds transfer, fiduciary activities), internet-related services (web services, mobile applications, software development), and banking-related activities.

Examination reports and related information are confidential to the Department of Banking but may be shared with depository institutions that use the service provider.

Commissioner may accept examinations conducted by other federal or state regulatory agencies in lieu of independent examination and may take enforcement actions against service providers deemed necessary or appropriate.

Examination costs shall be borne by the service provider; effective July 1, 2017.