MISSISSIPPI LEGISLATURE

2014 Regular Session

To: Business and Financial Institutions

By: Senator(s) Jackson (15th)

Senate Bill 2536

AN ACT TO AMEND SECTIONS 75-67-105 AND 75-67-205, MISSISSIPPI CODE OF 1972, TO REMOVE THE REQUIREMENT THAT LICENSEES UNDER THE SMALL LOAN REGULATORY LAW AND SMALL LOAN PRIVILEGE TAX LAW SHALL HAVE A PHYSICAL OFFICE LOCATED IN THE STATE OF MISSISSIPPI; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Section 75-67-105, Mississippi Code of 1972, is amended as follows:

     75-67-105.  (1)  No person shall engage in the business of lending money except as authorized by this article, and without being the holder of a valid and subsisting license to engage in such business as provided by the Small Loan Privilege Tax Law (Section 75-67-201 et seq.).

     (2)  Every person engaged in the business of lending money as authorized by this article shall have a physical office * * *located in the State of Mississippi.  A separate license is required for each office doing business * * *in the State of Mississippi.  Each electronic loan processing machine owned or operated by a licensed office is required to possess a separate license and have a permanent address with loan records to be maintained in a designated licensed office in the state.

     SECTION 2.  Section 75-67-205, Mississippi Code of 1972, is amended as follows:

     75-67-205.  No person shall engage in the business of lending money except as authorized by this article and by the Small Loan Regulatory Law (Section 75-67-101 et seq.), and without being the holder of a valid and subsisting license to engage in such business as provided herein, furnishing the requisite bond as required hereby, and paying the privilege license tax imposed hereby.  Every person engaged in the business of lending money as authorized by this article shall have a physical office * * *located in the State of Mississippi.  A separate license is required for each office doing business * * *in the State of Mississippi.  Any person who shall violate the provisions of this section shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not more than One Thousand Dollars ($1,000.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment in the discretion of the court.

     SECTION 3.  This act shall take effect and be in force from and after July 1, 2014.