l9n/ Mississippi

2016 Regular Session

Senate Bill 2535

Limited Access Credit Act; create.

Did not become law. It stopped in the Senate's Business and Financial Institutions Committee on February 23, 2016. The 2016 session has ended.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO CREATE THE "LIMITED ACCESS CREDIT ACT"; TO DEFINE CERTAIN TERMS USED IN THE ACT; TO REQUIRE A LICENSE FROM THE COMMISSIONER OF BANKING AND CONSUMER FINANCE BEFORE ENGAGING IN BUSINESS AS A LIMITED ACCESS CREDIT LICENSEE; TO PROVIDE EXEMPTIONS TO THE ACT; TO PROVIDE ELIGIBILITY REQUIREMENTS FOR A LIMITED ACCESS CREDIT LICENSE; 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 AND CHARGES TO BE CHARGED BY A LICENSEE UNDER A LIMITED ACCESS CREDIT AGREEMENT; 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 REQUIRE THE COMMISSIONER OF BANKING TO DEVELOP ANY NECESSARY FORMS TO CARRY OUT THE PROVISIONS OF THE ACT; TO PROVIDE THAT MUNICIPALITIES OF THIS STATE MAY ENACT ORDINANCES WHICH ARE IN COMPLIANCE WITH, BUT NOT MORE RESTRICTIVE THAN, THE PROVISION 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; AND FOR RELATED PURPOSES.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the Senate

Its course

February 8 to February 23, 2016, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action2 actions on 2 days

In the SenateFeb 8 to Feb 23 · stopped15 days

Business and Financial InstitutionsFeb 8 to Feb 23 · stopped15 days

Text

Each version as the Legislature printed it.

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

What happened

In l9n's words, one line for each step. Every action as the Legislature published it is below.

In the Senate Feb 8 – Feb 23

  1. Feb 8Referred to the Senate committee on Business and Financial Institutions
  2. Feb 23Died in committee in the Senate
All 2 actions, as published
  1. Feb 8Referred To Business and Financial InstitutionsSenate
  2. Feb 23Died In CommitteeSenate