MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Business and Financial Institutions

By: Senator(s) Woodfield, Gollott

Senate Bill 2322

(As Passed the Senate)

AN ACT TO PROVIDE THAT ALL THE PROVISIONS OF LAW RELATING TO PRIVATE CORPORATIONS OPERATING IN THE STATE OF MISSISSIPPI SHALL APPLY, WITH CERTAIN EXCEPTIONS, TO ALL STATE BANKS AND SAVINGS AND LOAN ASSOCIATIONS; TO REPEAL SECTION 81-5-91, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR THE PAR CLEARANCE OF CHECKS PRESENTED BY OR DIRECTLY THROUGH THE FEDERAL RESERVE SYSTEM AND WHICH AUTHORIZES NATIONAL AND STATE BANKS TO CHARGE AN EXCHANGE FEE ON CERTAIN ITEMS; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter or Chapters 1 and 3 of Title 81, Mississippi Code of 1972, or with the proper business of depository institutions, shall be applicable to all state banks.

SECTION 2. All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter, or with the proper business of depository institutions, shall be applicable to all savings and loan associations.

SECTION 3. Section 81-5-91, Mississippi Code of 1972, which provides for the par clearance of checks presented by or directly through the Federal Reserve system and which authorizes national and state banks to charge an exchange fee on certain items, is hereby repealed.

SECTION 4. Section 1 of this act shall be codified as a separate section within Chapter 5 of Title 81, Mississippi Code of 1972.

SECTION 5. Section 2 of this act shall be codified as a separate section within Chapter 12 of Title 81, Mississippi Code of 1972.

SECTION 6. This act shall take effect and be in force from and after its passage.