Bill Text: MS SB2540 | 2011 | Regular Session | Enrolled

Mississippi Senate Bill 2540 (Prior Session Legislation)

Bill Title: Commissioner of Banking; may require consumer industry licensees to participate in a multistate licensing system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-03-23 - Approved by Governor [SB2540 Detail]

Download: Mississippi-2011-SB2540-Enrolled.html

MISSISSIPPI LEGISLATURE

2011 Regular Session

To: Business and Financial Institutions

By: Senator(s) Jackson (15th)

Senate Bill 2540

(As Sent to Governor)

AN ACT TO AUTHORIZE THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO REQUIRE CONSUMER INDUSTRY LICENSEES REGULATED BY HIS AGENCY TO PARTICIPATE IN A MULTISTATE LICENSING SYSTEM; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The Legislature finds that a uniform multistate administration of a multistate licensing system for consumer industry licensees regulated by the Department of Banking and Consumer Finance is consistent with both the public interest and the provisions of law regulating those licensees; therefore, the Commissioner of Banking and Consumer Finance may require consumer industry licensees to participate in a multistate licensing system.

(2) Nothing in this section shall authorize the commissioner to require any person exempt from licensure under the provisions of law regulating consumer industry licensees to participate in the multistate licensing system.

(3) The commissioner may establish, by rule, regulation or order, requirements as necessary, including, but not limited to:

(a) Background checks for:

(i) Criminal history through fingerprint or other databases;

(ii) Civil or administrative records;

(iii) Credit history; or

(iv) Any other information as deemed necessary by the multistate licensing system.

(b) The payment of fees to apply for or renew licenses through the multistate licensing system.

(d) Requirements for amending or surrendering a license or any other such activities as the commissioner deems necessary for participation in the multistate licensing system.

(4) Any person engaged in activity that requires licensure pursuant to this section shall utilize the multistate licensing system for application, renewal, amendment, surrender and any other activity as the commissioner may require, and shall pay all applicable charges to utilize the multistate licensing system.

(5) The commissioner is authorized to establish relationships or contacts with the multistate licensing system or other entities designated by the multistate licensing system to collect and maintain records and process transaction fees or other fees related to licensees.

SECTION 2. This act shall take effect and be in force from and after July 1, 2011.