Mississippi Legislature
2003 Regular Session

Senate Bill 2414

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Bill Text

History of Actions

Amendments

Background

Title

Description: MS Nonprofit Debt Management Services Act; create.

Bill Text: [Introduced] [Passed Senate] [Sent to Governor]

History of Actions:

1 01/16 (S) Referred To Finance
2 01/30 (S) Title Suff Do Pass
3 02/05 (S) Passed
4 02/07 (S) Transmitted To House
5 02/10 (H) Referred To Banks and Banking
6 02/18 (H) Title Suff Do Pass As Amended
7 02/26 (H) Amended
8 02/26 (H) Passed As Amended
9 02/26 (H) Motion to Reconsider Entered
10 03/04 (H) Motion to Reconsider Tabled
11 03/04 (H) Returned For Concurrence
12 03/13 (S) Concurred in Amend From House
13 03/18 (S) Enrolled Bill Signed
14 03/18 (H) Enrolled Bill Signed
15 03/23 Approved by Governor

Amendments:

Adopted [H] Amendment No 1

Background Information:

Effective dateJuly 1, 2003
DispositionLaw
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredThree/Fifths
Chapter number465

Senate Committee:

House Committee:

Principal Author: King

Code Sections: RP 085-0009-0001, RP 085-0009-0005, RP 085-0009-0003

Title: AN ACT TO CREATE THE MISSISSIPPI NONPROFIT DEBT MANAGEMENT SERVICES ACT; TO DEFINE CERTAIN TERMS; TO PROVIDE FOR THE LICENSING OF DEBT MANAGEMENT SERVICE PROVIDERS; TO REQUIRE EVIDENCE OF A SURETY BOND BEFORE LICENSING; TO PROVIDE REQUIREMENTS FOR THE HANDLING OF FUNDS RECEIVED FROM A CONSUMER; TO REQUIRE EXECUTION OF A WRITTEN AGREEMENT BETWEEN THE DEBT MANAGEMENT SERVICE PROVIDER AND THE CONSUMER; TO ESTABLISH THE MAXIMUM FEES ALLOWED TO BE CHARGED TO THE CONSUMER BY THE DEBT MANAGEMENT SERVICE PROVIDER; TO REQUIRE THE DEBT MANAGEMENT SERVICE PROVIDER TO FURNISH EACH CONSUMER PERIODIC WRITTEN REPORTS ACCOUNTING FOR THE FUNDS RECEIVED FOR PAYMENT; TO PROVIDE FOR THE REGULATORY POWERS AND FUNCTIONS OF THE COMMISSIONER OF BANKING WITH REGARD TO DEBT MANAGEMENT SERVICE PROVIDERS; TO PROHIBIT CERTAIN ACTS BY DEBT MANAGEMENT SERVICE PROVIDERS; TO PROHIBIT FALSE OR MISLEADING ADVERTISING BY DEBT SERVICE PROVIDERS; TO PROVIDE ENFORCEMENT ACTIONS FOR VIOLATIONS OF THIS ACT; TO PROVIDE FOR THE SUSPENSION OR REVOCATION OF DEBT MANAGEMENT SERVICE PROVIDER LICENSES; TO REPEAL SECTIONS 85-9-1 THROUGH 85-9-5, MISSISSIPPI CODE OF 1972, WHICH REGULATE DEBT ADJUSTING OR CREDIT ARRANGING BUSINESSES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/24/03 at 09:52.

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