Bill Text: MS SB2216 | 2023 | Regular Session | Introduced

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Bill Title: Financial institutions; authorize offers to improve consumer's credit record, history and rates.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2023-01-31 - Died In Committee [SB2216 Detail]

Download: Mississippi-2023-SB2216-Introduced.html

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MISSISSIPPI LEGISLATURE

2023 Regular Session

To: Business and Financial Institutions

By: Senator(s) Caughman

Senate Bill 2216

AN ACT TO AMEND SECTION 81-22-13, MISSISSIPPI CODE OF 1972, TO AUTHORIZE IMPROVING OR OFFERING TO IMPROVE CONSUMER'S CREDIT RECORD, HISTORY OR RATING; AND FOR RELATED PURPOSES.

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

     SECTION 1.  Section 81-22-13, Mississippi Code of 1972, is amended as follows:

     81-22-13.  A debt service management provider may only charge a consumer the following fees for providing debt management services:

          (a)  A maintenance fee not to exceed Thirty Dollars ($30.00) per month after a consumer has received a free initial counseling session;

          (b)  A one-time setup fee not to exceed Seventy-five Dollars ($75.00);

          (c)  A fee for obtaining the consumer's credit report not to exceed Fifteen Dollars ($15.00) for an individual report or Twenty-five Dollars ($25.00) for a joint report;

          (d)  A fee not to exceed Fifty Dollars ($50.00) for educational courses/products that will assist the consumer in achieving financial stability.  Products shall be educational in nature and may include, but not be limited to, the following topics:  Home Buyer Education, Financial Literacy Education, and Credit Report Review.  However, the consumer must be informed that those courses and products are not a mandatory condition to receive debt management services; * * * and

          (e)  A bankruptcy consultation fee, not to exceed Fifty Dollars ($50.00) per consumer, may be charged by nonprofit credit counseling agencies approved by the U.S. Trustees pursuant to 11 USC Section 111 * * *.; and

          (f)  A fee for improving or offering to improve a consumer's credit record, history or rating not to exceed One Hundred Dollars ($100.00) per month.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2023.

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