§ 81-19-23. Activities prohibited; violation; penalties; borrower’s remedies
No consumer loan broker may: Charge or collect any service charge or advance fee from a borrower unless and until a loan is actually found, obtained and closed for that borrower, and in no event shall a service charge exceed three percent (3%) of the original principal amount of the loan or a fee of […]
§ 81-19-25. Records of licensee; retention
A licensee shall retain a complete record of each transaction under this chapter for a period of two (2) years from the date of the closing of the loan. The commissioner may prescribe by regulation the form and nature of the records to be retained. All records must be housed at the licensed location unless […]
§ 81-19-27. Separate account required for charges and fees collected by broker; authorization to withdraw from account
Loan charges and fees collected on behalf of a lender by the licensee from a borrower shall be deposited and kept in an account maintained solely for that purpose and totally apart and separate from the monies of the licensee. Withdrawals of loan charges and fees from the separate account shall be only at the […]
§ 81-19-29. Suspension or revocation of license; grounds; commissioner may to enter orders to require persons to refrain from violations
After notice and hearing, the commissioner may suspend or revoke any license if he finds that the licensee has knowingly and without exercising due care: Failed to pay the annual license fee imposed by this chapter or an examination fee imposed by the commissioner under authority of this chapter; or Violated any provision of this […]
§ 81-19-31. Service charge not to be construed as finance charge or interest
Notwithstanding any provision of law to the contrary and specifically Section 75-17-25, Mississippi Code of 1972, a service charge as defined in this chapter shall not be construed to be finance charge or interest when paid to a licensed consumer loan broker by a borrower, or by a lender on behalf of and at the […]
§ 81-19-33. Effect of failure to comply with chapter on underlying transaction
The failure of a licensed consumer loan broker to comply with this chapter in the finding and obtaining of a consumer loan for a borrower shall not affect the validity and enforceability of any debt, mortgage, deed of trust or any other lien interest in real or personal property, and a lender in the consumer […]
§ 81-19-35. Right to hearing upon denial or revocation of license; notice; appeal; review
When any license application is denied or any active license is revoked, the applicant or licensee has a right to a hearing before the commissioner at which the applicant or licensee may be represented by counsel. The demand for a hearing shall be in writing and shall be made within thirty (30) days after receipt […]
§ 81-19-13. Separate licenses required for each location; movement of licensed location; surrender of license
No more than one (1) place of business may be operated under one (1) license; however, a licensed entity may operate multiple locations, each separately licensed. The license shall be in such form as the commissioner may prescribe and shall be conspicuously posted in the licensed location. A licensee may move the licensed location within […]
§ 81-19-15. Renewal of license; penalty for failure to pay fee
Applications for renewal of a license shall be submitted, along with the payment of the annual fee, on an application form supplied by the commissioner upon which information relating to all of the applicant’s licensed offices shall be set forth in accordance with instructions contained therein, including, in the discretion of the commissioner, such additional […]
§ 81-19-17. Supervision of licensees by commissioner; regulations; examination of licensees’ records, etc.; administrative fines; injunctions against licensees violating chapter; administrative fine
Each licensee shall be subject to the supervision of the commissioner. The commissioner is authorized to make and enforce such reasonable regulations as are necessary and proper for the administration, enforcement and interpretation of the provisions of this chapter. In adopting such regulations, the commissioner shall follow the procedures set forth in the Mississippi Administrative […]