Mississippi Debt Management Services Act
Mississippi · Banks and Financial Institutions · §§ 81-22-1 to 81-22-9 · 17 sections
Overview
The act regulates businesses that provide debt management services to consumers, requiring providers to be licensed and to renew that licensure annually, to post a surety bond, and to enter into a written agreement with each consumer they serve. It governs the fees a provider may charge, sets standards for holding and disbursing consumer funds — including when a third-party payment processor is involved — and imposes recordkeeping, reporting, and advertising requirements while barring specified practices. Administration and enforcement rest with a state commissioner, who may examine provider records and suspend or revoke a registration; violations can also affect the rights of the parties under the consumer's agreement.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 2 court decisions.
Most-cited authority: 215 SO3D 526 - Glory Rigsby v. American Credit Counselors, Inc.
Sections covered
- Miss. Code Ann. § 81-22-1Short title [Repealed effective July 1, 2022]1 cite
- Miss. Code Ann. § 81-22-11Requirement for written agreement [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-13Fees charged to the consumer [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-15Reports and records [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-17Powers and functions of commissioner [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-19Prohibited acts [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-21Advertising [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-23Effects of violations on rights of parties [Repealed effective July 1, 2022]1 cite
- Miss. Code Ann. § 81-22-25Suspension or revocation of registration [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-27Commissioner authorized to hire additional full-time employees [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-28Written notice of intent by licensee to use third-party payment processor; content of notice; surety bond required; examination of third-party payment processor records by department; termination of agreement or contract with third-party payment processor. [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-29Repealed
- Miss. Code Ann. § 81-22-3Definitions [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-31Repeal of Sections 81-22-1 through 81-22-28
- Miss. Code Ann. § 81-22-5Licensure and annual relicensure [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-7Bond required [Repealed effective July 1, 2022]
- Miss. Code Ann. § 81-22-9Handling of consumer funds [Repealed effective July 1, 2022]
Enacted in other states
All Mississippi named statutes →
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