MS Dept of Banking & Consumer Finance




The Department of Banking and Consumer Finance (Department) is charged with the primary examination and regulatory supervision of all state chartered commercial banks, state chartered thrift institutions, state chartered credit unions, independent trust companies, consumer finance companies, premium finance companies, motor vehicle sales finance companies, pawn brokers, title pledge lenders, consumer loan brokers, check cashers, mortgage lenders, the sale of commercial exchange, and debt management service providers. The primary functions of the Department are to insure the safety and soundness of the financial institutions chartered under state authority and to monitor the institutions' compliance with governing laws and regulations. The Department additionally serves as a regulatory interpreter for the institutions supervised and considers various applications for charters, branching, licensing, or other permissible activities. The Department may also bring various supervisory and enforcement actions against an institution to preserve regulatory practices and principles. In order to preserve the public interest, the Department may find it necessary to close an institution operating in an unsafe and unsound manner.

The Department has met all the standards of the Conference of State Bank Supervisors (CSBS) accreditation program and was officially accredited June 6, 1996. The Department has since been re-accredited three times, most recently August 10, 2011. The Department will continue to be subject to an annual self assessment and an on site re-accreditation every five years by representatives of CSBS.

CSBS is the professional association of state officials responsible for chartering, supervising, and regulating the nation's 6,000-plus state-chartered commercial and savings banks, and more than 400 state-licensed foreign banking offices nationwide.

CSBS is the only national organization dedicated to enhancing the value of the state charter and strengthening the dual banking system. Founded in 1902, CSBS is the premier resource for state banking and the major champion of the American dual banking system. A fundamental goal of CSBS is enhancing the professionalism of state banking departments and their personnel. Well-educated examiners bring more efficiency, experience, and accuracy to the examination process.

The Department establishes a precedence to accomplish their mission with the following statement: The Department is committed to providing cooperative assistance to any individual, institution, industry, or other regulatory agency within the scope of our responsibilities. The staff is fully aware that courteous professionalism is not a goal, but the minimum acceptable standard of performance in this administration.

The Department, in the banking division, has statutory authority under Section 81-1-1, et seq., Mississippi Code of 1972, Annotated to carry out its supervisory and regulatory actions for banks, savings and loan associations, savings banks, trust companies and credit unions. While the Department uses the Mississippi Code in most instances to perform its duties, statutes allow the Commissioner the authority to promulgate regulations to further help in the regulatory process. Also from time to time, the Commissioner will communicate with banks in the form of a Memorandum to further clarify certain positions. The State Board of Banking Review also has authority to promulgate rules or regulations which will allow state chartered banks the same rights and privileges as that of national banks operating in the State.

The consumer division of the Department is given authority under the following Sections of the Mississippi Code of 1972, Annotated to carry out its duties of supervision and regulation of non-deposit institutions it is charged with licensing. The statute allows the Commissioner to promulgate regulations to further enhance the supervisory process.

  • Sale of Checks Law 75-15-1, et seq.
  • Consumer Loan Broker Act 81-19-1, et seq.
  • Insurance Premium Finance Law 81-21-1, et seq.
  • Small Loan Regulatory Law 75-67-101, et seq.
  • Small Loan Privilege Tax Law 75-67-201, et seq.
  • Motor Vehicle Sales Finance Law 63-19-1, et seq.
  • Mississippi Pawnshop Act 75-67-301, et seq.
  • Mississippi Title Pledge Act 75-67-401, et seq.
  • Mississippi Check Cashers Act 75-67-501, et seq.
  • Mississippi Mortgage Consumer Protection Law 81-18-1, et seq.
  • Mississippi Nonprofit Debt Management Services Act 81-22-1, et seq.