§ 63-19-1. Short title
This chapter may be cited as “The Motor Vehicle Sales Finance Law.”
§ 63-19-11. License fee
With each initial application for a license, the applicant shall pay to the commissioner at the time of making the application a license fee of Seven Hundred Fifty Dollars ($750.00), and for renewal applications, an annual renewal fee of Four Hundred Seventy-five Dollars ($475.00) for each calendar year for each place of business so operated.
§ 63-19-13. Issuance and duration of license; transfer or assignment of license; transaction of business under different name
Upon the filing of an application, and the payment of the required fee, the administrator shall issue a license to the applicant to engage in the business of a sales finance company under and in accordance with the provisions of this chapter for a period which shall expire the last day of December next following […]
§ 63-19-15. Specification as to location of office in license; display of license
Each license shall specify the location of the office and must be conspicuously displayed there.
§ 63-19-17. Grounds for denial, suspension or revocation of license
The renewal of a license originally granted under this chapter may be denied, or a license may be suspended, denied or revoked by the administrator on the following grounds: Material misstatement in application for license; Willful failure to comply with provision of this chapter relating to retail installment contracts; Defrauding any retail buyer to the […]
§ 63-19-19. Liability of licensee for acts of agents
If a licensee is a firm, association or corporation, it shall be sufficient cause for the suspension or revocation of a license that any officer, director or trustee of a licensed firm, association or corporation, or any member of a licensed partnership, has so acted or failed to act as would be cause for suspending […]
§ 63-19-21. Procedure for denial, suspension or revocation of license; judicial review
No license shall be denied, suspended or revoked except after hearing thereon. The administrator shall give the licensee at least ten days’ written notice, in the form of an order to show cause, of the time and place of such hearing by certified mail addressed to the principal place of business in this state of […]
§ 63-19-23. Investigations and examinations of licensees
The administrator shall, at intermittent periods, make such investigations and examinations of any licensee or other person as he deems necessary to determine compliance with this chapter. For such purpose he may examine the books, accounts, records and other documents or matters of any licensee or other person. He shall have the power to compel […]
§ 63-19-25. Filing and examination of complaints against licensees
Any retail buyer having reason to believe that this chapter relating to his retail installment contract has been violated may file with the administrator a written complaint setting forth the details of such alleged violation. The administrator, upon receipt of such complaint, may inspect the pertinent books, records, letters and contracts of the licensee and […]
§ 63-19-27. Payment of expenses of examination by licensee
The commissioner may charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each office or location within the State of Mississippi, plus any actual expenses incurred while examining the licensee’s records or books that are located outside the State of […]
§ 63-19-29. Issuance of subpoenas; administration of oaths; enforcement of subpoenas, etc.
The administrator shall have power to issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records and other evidence before him in any matter over which he has jurisdiction, control or supervision pertaining to this chapter. The administrator shall have the power to administer oaths and affirmations to any […]
§ 63-19-3. Definitions
The following words and phrases, when used in this chapter, shall have the meanings respectively ascribed to them in this section, except where the context or subject matter otherwise requires: “Motor vehicle” means any self-propelled or motored device designed to be used or used primarily for the transportation of passengers or property, or both, and […]
§ 63-19-31. Execution, terms and delivery of retail installment contract
A retail installment contract shall be in writing, shall be signed by both the buyer and the seller, and shall be completed as to all essential provisions prior to the signing of the contract by the buyer. The printed portion of the contract, other than instructions for completion, shall be in at least eight point […]
§ 63-19-33. Purchase of insurance pursuant to retail installment contract
The amount, if any, included in a retail installment contract for insurance, which may be purchased by the holder of the retail installment contract, shall not exceed the applicable premiums chargeable in accordance with the rates filed with the state insurance commission. If dual interest insurance on the motor vehicle is purchased by the holder […]
§ 63-19-35. Delinquency and collection charges; court costs and attorneys’ fees
The holder may, if the contract or refinancing agreement so provides, collect a delinquency and collection charge on a contract evidencing the sale of a commercial vehicle in an amount not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency in default for a period of not less than fifteen […]
§ 63-19-37. Transfer of equity in motor vehicle; transfer fee
The buyer may transfer his equity in the motor vehicle at any time to another person upon agreement by the holder, and, in such event, the holder of the contract shall be entitled to charge and collect a transfer of equity fee which shall not exceed fifteen dollars ($15.00). No transfer of equity fee shall […]
§ 63-19-39. Furnishing of buyer with statement of payments and unpaid balance and written receipt for cash payment
Upon written request from the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement, in conformity with Section 63-19-31, of payments and the total amount unpaid under such contract. A buyer shall be given a written receipt for any payment when made in cash.
§ 63-19-41. Restriction of remedies of buyer against holder
No provision in a retail installment contract relieving the holder from liability for any legal remedies which the buyer may have against the seller under the contract, or any separate instrument executed in connection therewith, shall be enforceable.
§ 63-19-43. Maximum finance charge; security interests
The maximum finance charge which may be contracted for or received for any purchase money loan or purchase money extension of credit made by any lender or by any licensed retail seller, or by any other entity that is expressly exempt from licensing but expressly subject to compliance with this chapter under the provisions of […]
§ 63-19-45. Assignment of retail installment contract
Any sales finance company may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the […]