MS HB800

Reenacts the Mississippi Debt Management Services Act (Sections 81-22-1 through 81-22-28) regulating debt management service providers who receive fees to help consumers manage and pay debts.

Requires debt management service providers to obtain a license from the Commissioner of Banking and Consumer Finance, pay a $750 initial fee and $475 annual renewal fee, and maintain a $50,000 surety bond.

Mandates providers deposit consumer funds in federally insured escrow accounts within 2 business days, remit funds to creditors within 15 business days, and provide quarterly written reports to consumers.

Caps fees charged to consumers including $30 monthly maintenance fee, $75 one-time setup fee, $15-$25 credit report fee, and $50 for educational courses or bankruptcy consultation.

Extends the repeal date of the debt management services law from July 1, 2019 to July 1, 2022.