Senate Bill 2593

AN ACT TO AMEND SECTION 81-1-69, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE SALARY OF THE COMMISSIONER OF BANKING AND CONSUMER FINANCE SHALL BE EQUAL TO THE AVERAGE OF THE TOTAL COMPENSATION IN THE FORM OF SALARY AND ANY BONUS FOR THE COMMISSIONERS OR EXECUTIVE HEADS OF THE DEPARTMENTS OR AGENCIES OF THE STATES OF LOUISIANA, ALABAMA AND TENNESSEE THAT REGULATE BANKS AND FINANCIAL INSTITUTIONS; TO DELETE THE PROVISION THAT PROVIDES THAT THE SALARY OF THE DEPUTY COMMISSIONER OF BANKING AND CONSUMER FINANCE SHALL BE FIXED BY THE LEGISLATURE; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 81-1-69, Mississippi Code of 1972, is amended as follows:

81-1-69. The * * *~~salaries~~ salary of the commissioner * * *~~and the deputy commissioner~~ shall be * * *~~fixed by the Legislature~~ an amount equal to the average of the total compensation in the form of salary and any bonus for the commissioners or executive heads of the departments or agencies of the States of Louisiana, Alabama and Tennessee that regulate banks and financial institutions, and shall be payable monthly out of the funds of the department. The initial compensation average used for determining the salary of the commissioner shall be the average for the calendar year ending December 31, 2017, as certified by the commissioner, and the compensation average used for each year thereafter shall be the average for the previous calendar year ending December 31 as certified by the commissioner.

SECTION 2. This act shall take effect and be in force from and after July 1, 2018.