Separate account required for charges and fees collected by broker; authorization to withdraw from account
Known as the Consumer Loan Broker Act
The act spans §§ 81–81 (19 sections).
Laws, 1992, ch. 485, § 14, eff from and after July 1, 1992.
(1) Loan charges and fees collected on behalf of a lender by the licensee from a borrower shall be deposited and kept in an account maintained solely for that purpose and totally apart and separate from the monies of the licensee.
(2) Withdrawals of loan charges and fees from the separate account shall be only at the direction of the lender, an escrow agent or a loan closing attorney. Proof of the authorization to withdraw and pay out loan charges and fees shall be retained by the licensee.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.