§ 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 […]
§ 81-19-18. Commissioner authorized to examine persons suspected of conducting business requiring a license
The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this […]
§ 81-19-19. Deposit of funds collected into Consumer Finance Fund
All funds coming into the possession of the commissioner as a result of this chapter, including all annual fees and examination fees, shall be deposited by the commissioner into the special fund in the State Treasury known as the “Consumer Finance Fund,” and shall be expended by the commissioner solely and exclusively for the administration […]
§ 81-19-21. Contracts to be written; enumeration of charges
A licensee may not enter into an agreement to find and obtain a consumer loan for a borrower unless the agreement is in writing. The contract shall indicate a range acceptable to the borrower of the financing terms, the interest rate, loan charges and fees, and any other charges. If the loan is to be […]
§ 81-19-5. License requirement; penalty for violation
No person shall engage in the business of being a consumer loan broker before posting the bond and obtaining the license as required by this chapter. Any person violating this section is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than One Thousand Dollars ($1,000.00) or […]
§ 81-19-7. Exclusions from chapter coverage
Except as otherwise provided in this section, this chapter does not apply to: Banks, bank holding companies, credit unions, insurance companies, savings and loan associations, savings banks, savings and loan association holding companies, small loan licensees, pawnbrokers, trust companies and their employees when acting on behalf of the employer. Approved mortgagees of the United States […]
§ 81-19-1. Short title
This chapter shall be known and may be cited as the “Consumer Loan Broker Act.”
§ 81-19-3. Definitions
As used in this chapter: “Advance fee” means any consideration which is assessed or collected prior to the closing of a loan. “Commissioner” means the Commissioner of Banking and Consumer Finance. “Consumer loan” means a transaction by which a lender extends credit for personal, family or household purposes in the form of payment of money […]