Mississippi Administrative Code Title 5 - Banking and Consumer Finance
Here’s an updated overview of the Mississippi Administrative Code – Title 5: Banking and Consumer Finance:
📘 Title 5 – Structure & Scope
Part 1 – Banking Activities (Chapters 1–2)
Covers regulatory rules for banking operations under the Mississippi Department of Banking and Consumer Finance.
Part 2 – Mortgage Company Activities (Chapters 1–2)
Covers licensing, registration, and oversight of mortgage companies operating in Mississippi.
Part 3 – Consumer Finance Activities (Chapters 1–6)
Focuses on non-bank consumer credit, and includes:
Chapter 1 – Small Loan Regulatory Law & Privilege Tax
Chapter 2 – Debt Management Services Act
Chapter 3 – Check Casher’s Act
Chapter 4 – Title Pledge Act
Chapter 5 – General Hearing Procedures
Chapter 6 – Mississippi Credit Availability Act (enacted 2016)
Part 4 – Organizational Rules (Chapters 1–4)
Details governance, structure, public access, licensing procedures, and organizational oversight of the Department. (casetext.com)
Part 5 – State Board of Banking Review & Procedures
Defines the official review processes and authority granted under Miss. Code Ann. § 81‑3‑12(5).
🔍 Highlights from Part 3 (Consumer Finance)
Small Loans: Includes definitions, licensing, fees (e.g., up to 25% handling fees monthly, origination fees), repayment terms, penalties, disclosures, enforcement, and revocation procedures.
Check Cashers & Title Pledge Lenders: Licensing requirements, operating standards, consumer protections.
Credit Availability Act (2016): Regulates small consumer loans in Chapter 6, with enforcement and consumer rights provisions.
📚 Where to Access/Read Title 5
| Source | Description |
|---|---|
| Cornell LII | Freely browse Title 5 online by part and chapter |
| Justia Regulations | Texts of each part; indicates currency may lag |
| Mississippi SOS site & Archives | PDFs for selection of parts; official state repository |
For fully official and up-to-date text, check the Mississippi Code of State Regulations portal through the Secretary of State or Department of Archives.
✅ Summary
Title 5 covers all regulations under Mississippi’s Department of Banking and Consumer Finance.
5 major parts, addressing banking, mortgages, consumer finance (loans, check cashing, title pledges), organizational rules, and administrative procedures.
Part 3 is particularly rich with rules on loans, fees, licensing, and enforcement.
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