Senate Bill 2216

AN ACT TO AMEND SECTION 81-22-13, MISSISSIPPI CODE OF 1972, TO AUTHORIZE IMPROVING OR OFFERING TO IMPROVE CONSUMER'S CREDIT RECORD, HISTORY OR RATING; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 81-22-13, Mississippi Code of 1972, is amended as follows:

81-22-13. A debt service management provider may only charge a consumer the following fees for providing debt management services:

(a) A maintenance fee not to exceed Thirty Dollars ($30.00) per month after a consumer has received a free initial counseling session;

(b) A one-time setup fee not to exceed Seventy-five Dollars ($75.00);

(c) A fee for obtaining the consumer's credit report not to exceed Fifteen Dollars ($15.00) for an individual report or Twenty-five Dollars ($25.00) for a joint report;

(d) A fee not to exceed Fifty Dollars ($50.00) for educational courses/products that will assist the consumer in achieving financial stability. Products shall be educational in nature and may include, but not be limited to, the following topics: Home Buyer Education, Financial Literacy Education, and Credit Report Review. However, the consumer must be informed that those courses and products are not a mandatory condition to receive debt management services; * * * ~~and~~

(e) A bankruptcy consultation fee, not to exceed Fifty Dollars ($50.00) per consumer, may be charged by nonprofit credit counseling agencies approved by the U.S. Trustees pursuant to 11 USC Section 111 * * *.; and

(f) A fee for improving or offering to improve a consumer's credit record, history or rating not to exceed One Hundred Dollars ($100.00) per month.

SECTION 2. This act shall take effect and be in force from and after July 1, 2023.