MS SB2011

Extends the repealer date on the Mississippi Debt Management Services Act from July 1, 2026 to July 1, 2030, allowing the regulatory framework to remain in effect for an additional four years

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

Debt management providers must deposit consumer funds in federally insured escrow accounts within two business days and remit payments to creditors within 15 business days

Consumer fee limits under the Act include: $75 one-time setup fee, $30 monthly maintenance fee, $15-$25 for credit reports, $50 for educational courses, and $50 for bankruptcy consultation

The Commissioner of Banking and Consumer Finance retains authority to examine licensees, impose civil penalties up to $500 per violation, and suspend or revoke licenses for noncompliance