2006 Regular Session
To: Banking and Financial Services
By: Representative Guice
AN ACT TO AMEND SECTION 81-1-61, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO ADOPT AND PROMULGATE SUCH RULES AND REGULATIONS, NOT INCONSISTENT WITH STATE LAW, AS HE DEEMS NECESSARY FOR THE ADMINISTRATION OF CERTAIN BANKING STATUTES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 81-1-61, Mississippi Code of 1972, is amended as follows:
81-1-61. (1) The management, control and direction of the department shall be vested in the Commissioner of Banking and Consumer Finance, who shall be directly responsible for the proper functioning of the department. The commissioner may adopt, promulgate and issue such rules and regulations, not inconsistent with this article or any other statute of the State of Mississippi, as he deems necessary for the administration of this article. A copy of every rule and regulation adopted by the commissioner shall be filed in accordance with the Mississippi Administrative Procedures Law, Section 25-43-1.101 et seq.
(2) The commissioner shall be a banker who possesses not less than ten (10) consecutive years of active banking experience of which five (5) years' experience were performed in a major policy-making function as an executive officer, or shall be a person who possesses fifteen (15) years of active experience as a state or federal financial institutions examiner. The commissioner shall have been active in such major policy-making function or actively employed by the state or federal financial institutions regulatory authority within the previous five (5) years of his appointment.
(3) The commissioner shall be appointed by the Governor, with the advice and consent of the Senate, for a term of office of four (4) years, commencing on the day of appointment or on July 1 of the year in which the Governor is inaugurated, whichever comes first. The commissioner shall serve until his successor is appointed and qualified, but in no event shall he serve past the July 1 occurring after the end of the term of the Governor who appointed him, unless he shall be reappointed by the new Governor. If, for any cause, a vacancy occurs in the office of the commissioner, the Governor shall make the appointment for the unexpired term.
(4) The commissioner shall be of good moral character, thoroughly understanding the theory and practice of banking, and must be a qualified elector of the State of Mississippi. The commissioner shall not be an officer, director or employee of any banking corporation during his entire term as commissioner, effective from the time of his appointment.
(5) The commissioner may be removed by the Governor for good cause, but only after notice and a hearing.
SECTION 2. This act shall take effect and be in force from and after its passage.