MS HB687

Reenacts the Mississippi Debt Management Services Act (Sections 81-22-1 through 81-22-28), which regulates debt management service providers who help consumers manage, negotiate, or pay debts to creditors

Extends the repeal date of the Act from July 1, 2022 to July 1, 2026, allowing continued regulation of the debt management industry for an additional four years

Requires debt management service providers to obtain a license ($750 initial fee, $475 annual renewal) and post a $50,000 surety bond to operate in Mississippi

Caps consumer fees at $75 for one-time setup, $30 monthly maintenance, $15-$25 for credit reports, and $50 for educational courses or bankruptcy consultation

Mandates that providers deposit consumer funds in federally insured escrow accounts within two business days and remit payments to creditors within 15 business days