MS SB2019

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.

Extends the automatic repealer date of the debt management services licensing and regulatory provisions from July 1, 2022 to July 1, 2025.

Requires debt management service providers to be licensed by the Commissioner of Banking and Consumer Finance, maintain $50,000 surety bonds, deposit consumer funds in federally insured escrow accounts within two business days, and remit payments to creditors within 15 business days.

Limits fees charged to consumers including monthly maintenance fees ($30 maximum), setup fees ($75 maximum), credit report fees ($15-$25), and educational course fees ($50 maximum).

Authorizes the Commissioner to examine licensees, investigate violations, impose civil penalties up to $500 per violation, and suspend or revoke licenses for material violations or unsafe practices.