2007 Regular Session
To: Banking and Financial Services
By: Representative Warren
AN ACT TO AMEND SECTION 75-15-19, MISSISSIPPI CODE OF 1972, TO EXTEND THE DATE OF REPEAL FOR THE PROVISION OF LAW THAT REGULATES THE ANNUAL REPORTING AND AUDITING REQUIREMENTS FOR SALE, ISSUANCE OR DISPENSING OF CHECKS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-15-19, Mississippi Code of 1972, is amended as follows:
75-15-19. (1) Each licensee shall file with the commissioner annually on or before April 15 of each year a statement listing:
(a) The locations, offices and agencies authorized by the licensee to act for and on behalf of the licensee in selling or issuing or dispensing checks. A supplemental statement setting forth any changes in the list of locations, offices and agencies shall be filed with the commissioner on or before the first day of July, October and January of each year and the principal sum of the corporate surety bond or deposit required under Section 75-15-11 shall be adjusted, if appropriate, to reflect any increase or decrease in the number of locations, offices and agencies. The annual and supplemental statement shall not be required of any licensee who continues to maintain a corporate surety bond, as required by subsection (b) of Section 75-15-11,in the principal sum of Two Hundred Fifty Thousand Dollars ($250,000.00), or a securities deposit having an aggregate market value at least equal to Two Hundred Fifty Thousand Dollars ($250,000.00).
(b) Each licensee shall file with the commissioner annually on or before April 15 of each year, statements correctly reflecting its net worth as of the close of its most recent fiscal year, the statement to be certified to by a certified public accountant satisfactory to the commissioner.
(2) The commissioner may conduct or cause to be conducted an examination or audit of the books and records of any licensee at any time or times hedeems proper, the cost of the examination or audit to be borne by the licensee. The refusal of access to the books and records shall be cause for the revocation of its license. The commissioner may charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each office or location within the State of Mississippi, plus any actual expenses incurred while examining the licensee's records or books that are located outside the State of Mississippi. However, in no event shall a licensee be examined more than once in a two-year period unless for cause shown based upon consumer complaint and/or other exigent reasons as determined by the commissioner.
(3) On or before July 1, 2007, the commissioner shall file with the Chairman of the Senate Business and Financial Institutions Committee and the Chairman of the House Banking Committee a report containing the total number of examinations or audits of licensees conducted by the department for each year, the total cost of such examinations, the number of examinations grouped by range of costs, and any other information the commissioner deems relevant to substantiate the examination fee authorized in this section.
(4) This section shall stand repealed from and after July 1, 2009.
SECTION 2. This act shall take effect and be in force from and after July 1, 2007.