Senate Bill 2682

(As Passed the Senate)

AN ACT TO AMEND REENACTED SECTION 75-67-435, MISSISSIPPI CODE OF 1972, TO DELETE THE REPEALER ON THE PROVISION OF LAW WHICH AUTHORIZES THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO EXAMINE BOOKS AND RECORDS OF LICENSEES UNDER THE TITLE PLEDGE ACT; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 75-67-435, Mississippi Code of 1972, is reenacted and amended as follows:

75-67-435. (1) The Commissioner of Banking and Consumer Finance shall develop and provide any necessary forms to carry out the provisions of this article.

(2) The department may adopt reasonable administrative regulations, not inconsistent with law, for the enforcement of this article.

(3) To assure compliance with the provision of this article, the department may examine the books and records of any licensee without notice during normal business hours. 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.

(4) 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.

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SECTION 2. This act shall take effect and be in force from and after July 1, 2007.