Mississippi Legislature
2003 Regular Session

House Bill 1414

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Bill Text

History of Actions

Background

Title

Description: Nonprofit Debt Management Services Act; create.

Bill Text: [Introduced] [Committee Substitute] [Passed House]

History of Actions:

1 01/20 (H) Referred To Banks and Banking
2 02/04 (H) Title Suff Do Pass Comm Sub
3 02/06 (H) Committee Substitute Adopted
4 02/06 (H) Passed
5 02/06 (H) Motion to Reconsider Entered
6 02/11 (H) Motion to Reconsider Tabled
7 02/12 (H) Transmitted To Senate
8 02/12 (S) Referred To Business and Financial Institutions
9 03/04 (S) Died In Committee

Background Information:

Effective dateJuly 1, 2003
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredThree/Fifths

House Committee:

Senate Committee:

Principal Author: Davis

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

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 03/04/03 at 15:02.

End Of Document
2003/pdf/History/HB/HB1414.htm