Mississippi Legislature

1998 Regular Session

Senate Bill 2851

[Introduced]

Instructions Bill Status Menu





History of Actions

Background

Title

Description: Consumer finance laws; make various amendments to.

History of Actions:

101/19/98(S)Referred To Business and Financial Institutions
202/03/98(S)Died In Committee

Background Information:

Effective dateJuly 1, 1998
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredYes

Senate Committee:

Principal Author: Woodfield

Code Sections: A 063-0019-0003, A 063-0019-0007, A 063-0019-0009, A 063-0019-0011, A 063-0019-0021, A 063-0019-0023, A 063-0019-0031, A 063-0019-0043, A 063-0019-0055, A 081-0021-0003, A 081-0021-0009, A 081-0021-0015, A 075-0015-0031, A 075-0067-0215, A 075-0067-0321, A 075-0067-0333, A 075-0067-0341, A 075-0067-0419, A 075-0067-0431, A 075-0067-0433, A 081-0019-0015, A 081-0019-0017, A 081-0019-0019

Title: AN ACT TO AMEND SECTION 63-19-3, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERMS "MOTOR VEHICLE" AND "COMMERCIAL VEHICLE" IN THE MOTOR VEHICLE SALES FINANCE LAW; TO AMEND SECTION 63-19-7, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A SEPARATE LICENSE IS REQUIRED FOR EACH OFFICE DOING BUSINESS UNDER THE MOTOR VEHICLE SALES FINANCE LAW; TO AMEND SECTION 63-19-9, MISSISSIPPI CODE OF 1972, TO REQUIRE AN APPLICANT FOR LICENSE UNDER THE MOTOR VEHICLE SALES FINANCE LAW TO FILE A SURETY BOND; TO AMEND SECTIONS 63-19-11, 63-19-21 AND 63-19-23, MISSISSIPPI CODE OF 1972, TO CLARIFY THE LICENSE FEE REQUIREMENTS AND TO PROVIDE FOR RECORD KEEPING REQUIREMENTS UNDER THE MOTOR VEHICLE SALES FINANCE LAW; TO AMEND SECTION 63-19-31, MISSISSIPPI CODE OF 1972, TO CLARIFY THE ITEMS REQUIRED TO BE DISCLOSED IN THE MOTOR VEHICLE SALES FINANCE CONTRACT; TO AMEND SECTION 63-19-43, TO DELETE THE REQUIREMENT THAT THE COMMISSIONER OF BANKING ANNOUNCE CERTAIN DISCOUNT RATES AND INDICES WITH RESPECT TO MOTOR VEHICLE SALES FINANCE CONTRACTS; TO AMEND SECTION 63-19-55, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO IMPOSE CIVIL PENALTIES FOR VIOLATIONS OF THE MOTOR VEHICLE SALES FINANCE LAW; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN CHAPTER 19 OF TITLE 43 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A LICENSE UNDER THE MOTOR VEHICLE SALES FINANCE LAW; TO AMEND SECTION 81-21-3, MISSISSIPPI CODE OF 1972, TO REQUIRE AN APPLICANT FOR AN INSURANCE PREMIUM FINANCE COMPANY LICENSE TO FILE A SURETY BOND; TO AMEND SECTION 81-21-9, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR A CIVIL PENALTY AGAINST ANY INSURANCE PREMIUM FINANCE COMPANY WHICH FAILS TO TIMELY PAY THE REQUIRED LICENSE FEE; TO AMEND SECTION 81-21-15, MISSISSIPPI CODE OF 1972, TO CLARIFY THE METHOD OF COMPUTING THE INTEREST WHICH MAY BE CHARGED BY A PREMIUM FINANCE COMPANY; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN CHAPTER 21 OF TITLE 81 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A PREMIUM FINANCE COMPANY LICENSE; TO AMEND SECTION 75-15-31, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO IMPOSE CIVIL PENALTIES FOR VIOLATIONS OF THE SALE OF CHECKS LAW; TO CREATE NEW CODE SECTIONS TO BE CODIFIED WITHIN CHAPTER 15 OF TITLE 75 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A LICENSE UNDER THE SALE OF CHECKS LAW AND TO AUTHORIZE THE COMMISSIONER TO PROMULGATE RULES AND REGULATIONS THEREUNDER; TO AMEND SECTION 75-67-215, TO AUTHORIZE THE COMMISSIONER OF BANKING TO IMPOSE CIVIL PENALTIES FOR VIOLATIONS OF THE SMALL LOAN PRIVILEGE TAX LAW; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN ARTICLE 5 OF CHAPTER 67 OF TITLE 75 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A LICENSE UNDER THE SMALL LOAN PRIVILEGE TAX LAW; TO AMEND SECTION 75-67-321, MISSISSIPPI CODE OF 1972, TO DELETE THE REQUIREMENT THAT THE COMMISSIONER OF BANKING GIVE WRITTEN NOTICE TO A PAWNSHOP LICENSEE OF A DELINQUENT ANNUAL FEE; TO AMEND SECTION 75-67-333, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT PAWNSHOP TRANSACTIONS CONDUCTED BY PERSONS WITHOUT A VALID LICENSE SHALL BE VOID; TO AMEND SECTION 75-67-341, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO CHARGE PAWNSHOP LICENSEES AN EXAMINATION FEE AND TO AUTHORIZE THE COMMISSIONER TO PROMULGATE RULES AND REGULATIONS UNDER THE PAWNSHOP ACT; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN ARTICLE 7 OF CHAPTER 67 OF TITLE 75 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A PAWNSHOP LICENSE; TO AMEND SECTION 75-67-419, MISSISSIPPI CODE OF 1972, TO DELETE THE REQUIREMENT THAT THE COMMISSIONER OF BANKING GIVE WRITTEN NOTICE TO A TITLE PLEDGE LENDER OF A DELINQUENT ANNUAL FEE; TO AMEND SECTION 75-67-431, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT TITLE PLEDGE TRANSACTIONS CONDUCTED BY PERSONS WITHOUT A VALID LICENSE SHALL BE VOID; TO AMEND SECTION 75-67-433, MISSISSIPPI CODE OF 1972, TO CHANGE THE WORD "PAWNED" TO "PLEDGED" AS IT RELATES TO THE TITLE PLEDGE LOAN ACT; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN ARTICLE 9 OF CHAPTER 67 OF TITLE 75 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A LICENSE UNDER THE TITLE PLEDGE LOAN ACT; TO AMEND SECTION 81-19-15, MISSISSIPPI CODE OF 1972, TO REVISE THE PENALTY FOR FAILURE TO PAY THE FEE FOR A CONSUMER LOAN BROKER LICENSE; TO AMEND SECTION 81-19-17, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO IMPOSE ADMINISTRATIVE FINES FOR VIOLATIONS OF THE CONSUMER LOAN BROKER ACT; TO AMEND SECTION 81-19-19, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT SUCH ADMINISTRATIVE FINES SHALL BE DEPOSITED INTO THE CONSUMER FINANCE FUND AND NOT THE STATE GENERAL FUND; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN CHAPTER 19 OF TITLE 81 TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A CONSUMER LOAN BROKER LICENSE; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/03/98 at 19:55.



End Of Document

1998/History/SB\SB2851.htm