Senate Bill 2409

AN ACT TO CREATE THE "MISSISSIPPI CREDIT AVAILABILITY ACT"; TO DEFINE TERMS USED IN THE ACT; TO PROVIDE LICENSING REQUIREMENTS FOR PERSONS ENGAGING IN THE BUSINESS AS A CREDIT AVAILABILITY LICENSEE; TO PROVIDE EXEMPTIONS FROM THE ACT; TO PROVIDE APPLICANT ELIGIBILITY REQUIREMENTS; TO PROVIDE THAT EACH APPLICATION FOR A LICENSE SHALL BE IN A FORM PRESCRIBED BY THE COMMISSIONER; TO REQUIRE INVESTIGATION BY THE DEPARTMENT OF BANKING BEFORE ISSUANCE OF A LICENSE, AND TO REQUIRE THAT THE LICENSE SHALL BE CONSPICUOUSLY POSTED IN THE PLACE OF BUSINESS OF THE LICENSEE; TO AUTHORIZE THE DEPARTMENT OF BANKING TO ADOPT REGULATIONS AND TO EXAMINE THE BOOKS AND RECORDS OF ANY LICENSEE; TO PROHIBIT THE ADVERTISING, DISPLAYING OR PUBLISHING OF FALSE OR MISLEADING STATEMENTS BY A LICENSEE; TO PROVIDE FOR FEES, CHARGES AND METHOD OF COMPUTATION TO BE CHARGED BY A LICENSEE UNDER A CREDIT AVAILABILITY ACCOUNT; TO REQUIRE LICENSEES TO PROVIDE ACCOUNT HOLDER WITH A WRITTEN EXPLANATION OF FEES AND CHARGES; TO AUTHORIZE THE COMMISSIONER OF BANKING TO SUSPEND OR REVOKE A LICENSE UPON MAKING CERTAIN FINDINGS; TO AUTHORIZE THE COMMISSIONER OF BANKING TO INVESTIGATE AND EXAMINE PERSONS LICENSED UNDER THE ACT AND PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A LICENSE UNDER THE ACT; TO PROVIDE PENALTIES FOR ENGAGING IN BUSINESS WITHOUT A LICENSE; TO PROVIDE CRIMINAL AND CIVIL PENALTIES FOR VIOLATIONS OF THE ACT; TO PROVIDE THAT MUNICIPALITIES OF THIS STATE MAY ENACT ORDINANCES WHICH ARE IN COMPLIANCE WITH, BUT NOT MORE RESTRICTIVE THAN, THE PROVISIONS OF THE ACT; TO AUTHORIZE THE COMMISSIONER OF BANKING TO EMPLOY THE NECESSARY FULL-TIME EMPLOYEES ABOVE THE NUMBER OF PERMANENT FULL-TIME EMPLOYEES AUTHORIZED FOR THE DEPARTMENT FOR FISCAL YEAR 2016 TO ENFORCE THE PROVISIONS OF THE ACT; TO PROVIDE LIABILITY PROTECTIONS FOR LICENSEES; TO AMEND SECTION 75-67-403, MISSISSIPPI CODE OF 1972, TO REMOVE THE PROHIBITION THAT NO BUSINESS OTHER THAN TITLE PLEDGE BUSINESS SHALL BE CONDUCTED AT A TITLE PLEDGE OFFICE; TO AMEND SECTION 75-67-505, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE COMMISSIONER OF BANKING SHALL AUTHORIZE THE OFFERING OF CREDIT AVAILABILITY TRANSACTIONS IN ADDITION TO THOSE THAT MAY BE PERFORMED AS PART OF A CHECK CASHING BUSINESS; AND FOR RELATED PURPOSES.

In the Senate

• Rita Potts Parks

  Sponsor

• Senate floor amendmentAdopted

  Adopted Mar 2

• House of Representatives committee amendmentPending

• House of Representatives floor amendmentAdopted

  Adopted Mar 24

• House of Representatives floor amendmentPending

l9n doesn't hold this bill's text yet.

In the Senate Feb 8 – Mar 2

1. Feb 8Referred to the Senate committee on Business and Financial Institutions
2. Feb 17Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Mar 2Committee substitute adopted in the Senate
4. Amended in the Senate
5. Passed the Senate as amended

In the House of Representatives Mar 4 – Mar 24

1. Mar 4Sent to the House
2. Mar 14Referred to the House committee on Banking and Financial Services
3. Mar 21Reported from committee in the House: title sufficient, do pass as amended
4. Mar 23Read the third time in the House
5. Mar 24Amended in the House
6. Passed the House as amended

Back in the Senate Mar 24 – Apr 26

1. Mar 24Motion in the House to reconsider entered (Wooten, Zuber and Campbell)
2. Mar 25Motion in the House to reconsider tabled
3. Mar 28Returned to the Senate to concur in the House's amendments
4. Mar 30Declined in the Senate to concur, and invited a conference
5. Apr 11Conferees named in the Senate: Parks, Doty and Jackson (32nd)
6. Apr 14Conferees named in the House: Zuber, Aguirre and Johnson (87th)
7. Apr 15Conference report filed in the Senate
8. Conference report filed in the House
9. Apr 17Conference report adopted in the House
10. Apr 19Conference report adopted in the Senate
11. Apr 26Enrolled bill signed in the Senate

To the Governor Apr 26 – May 13

1. Apr 26Enrolled bill signed in the House
2. May 13Approved by the Governor