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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Cashing License See Mississippi Check Cashers Act. (More Details)
Check Cashing Registration Companies whose main office location will NOT be engaging in Mississippi check cashing activity should submit a MS Check Cashing Company Registration New Application and review the requirements below. The remaining locations should be designated as a “Branch.” See the MS Check Cashing Branch License New Application Checklist for more information. Section 75-67-501 authorizes the MS Department of Banking to license and regulate this activity.
Consumer Loan Broker Company License A person who for compensation from borrowers, finds and obtains consumer loans or credit cards for borrowers from third party lenders. § 81-19-5. License requirement; penalty for violation. No person shall engage in the business of being a consumer loan broker before posting the bond and obtaining the license as required by this chapter. Any person violating this section is guilty of a misdemeanor and, upon conviction thereof, 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.
Credit Availability License Any person engaged in the business of offering credit availability transactions to its customers. Section 75-67-605 authorizes the MS Department of Banking and Consumer Finance to license and regulate this activity.
Credit Availability Registration Companies whose main office location will NOT be engaging in Mississippi credit availability activity should submit a MS Credit Availability Company Registration New Application and review the requirements below. The remaining locations should be designated as a “Branch.” See the MS Credit Availability Branch License New Application Checklist for more information. 75-67-601 authorizes the MS Department of Banking to license and regulate this activity.
Debt Management Service Provider License "Debt management service provider" means a person that provides or offers to provide to a consumer in this state any debt management services, in return for a fee or other consideration. § 81-22-5. Licensure and annual relicensure (1) Licensure and relicensure. No person or entity may act as a debt management service provider with respect to consumers who are residents of this state without a license issued under this chapter. The license application must be in a form prescribed by the commissioner. Note: Companies holding this license are required to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons by Saturday, December 31, 2016.
Insurance Premium Finance License 81-21-1(d) “Premium Finance Company” means a person engaged in the business of entering into premium finance agreements or acquiring premium finance agreements from other premium finance companies. Section 81-21-3 authorizes the MS Department of Banking and Consumer finance to license and regulate this activity.
Money Transmitter License Anyone engaged in the sale or issuance of checks or of receiving money or monetary value for transmission to a location within or outside of the United States by any and all means, including but not limited to wire, facsimile, or electronic transfer is required to have this license.
Mortgage Broker License This license is required by an company, individual or sole proprietor who directly or indirectly or by electronic activity solicits, places or negotiates mortgage loans for others, or offers to solicit, place or negotiate mortgage loans for others that does not close mortgage loans in the company name, does not use its own funds, or who closes mortgage loans in the name of the company, and sells, assigns or transfers the loan to others within forty-eight hours of the closing. (More Details)
Mortgage Lender License This license is required by any company, individual or sole proprietor who directly or indirectly or by electronic activity originates, makes, funds or purchases or offers to originate, make, or fund or purchase a residential mortgage loan or who services mortgage loans. (More Details)
Motor Vehicle Sales Finance License "Sales finance company" means a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. The term includes but is not limited to a bank, trust company, private banker, industrial bank or investment company, if so engaged. The term also includes a retail seller engaged, in whole or in part, in the business of creating and holding retail installment contracts which exceed a total aggregate outstanding indebtedness of Five Hundred Thousand Dollars ($500,000.00). The term does not include the pledgee to whom is pledged one or more of such contracts to secure a bona fide loan thereon. SEC. 63-19-7. Requirement of license. No person shall engage in the business of a sales finance company in this state without a license therefor as provided in this chapter. However, no bank, trust company, private banker, industrial bank or investment company authorized to do business in this state shall be required to obtain a license under this chapter. They shall, however, comply with all of the other provisions of this chapter. Note: Companies holding this license are required to submit a license transition request through NMLS by filing a Company Form (MU1) and an Individual Form (MU2) for each of their control persons by Saturday, December 31, 2016.
Motor Vehicle Sales Finance Registration Companies whose main office location will NOT be engaging in Mississippi motor vehicle sales finance activity should submit a MS Motor Vehicle Sales Finance Registration New Application and review the requirements below. The remaining locations should be designated as a “Branch.” See the MS Motor Vehicle Sales Finance Branch License New Application Checklist for more information. If the main office location will engage in Mississippi motor vehicle sales finance activity, the company should instead submit a MS Motor Vehicles Sales Finance License New Application.
Pawnbroker License "Pawnbroker" means any person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time; provided, however, that the following are exempt from the definition of "pawnbroker" and from the provisions of this act: any bank which is regulated by the State Department of Banking and Consumer Finance, the Comptroller of the Currency of the United States, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other federal or state authority and all affiliates of such bank, and additionally any bank or savings and loan association whose deposits or accounts are eligible for insurance by the Bank Insurance Fund or the Savings Association Insurance Fund or other fund administered by Federal Deposit Insurance Corporation or any successor thereto, and all affiliates of such banks and savings and loan associations, any state or federally chartered credit union and any finance company subject to licensing and regulation by the State Department of Banking and Consumer Finance. 75-67-321 authorizes the Department to license and regulate this activity.
Small Loan License 75-67-103 (b) "Licensee" means and includes every person holding a valid license issued under the provisions of the Small Loan Privilege Tax Law [Sections 75-67-201 through 75-67-243] of this state, except those specifically exempt by the provisions of this article, who, in addition to any other rights and powers he or it might otherwise possess, shall engage in the business of lending money either directly or indirectly, to be paid back in monthly installments or other regular installments for periods of more or less than one (1) month, and whether or not the lender requires security from the borrower as indemnity for the repayment of the loan. (More Details)
Title Pledge License "Title pledge lender" means any person engaged in the business of making title pledge agreements with pledgors; (More Details)
Branch Licenses Description Requirements Checklist
Check Cashing License See Mississippi Check Cashers Act for details. This license should only be applied for by a company that also holds or is applying for MS Check Cashing Company License. (More Details)
Credit Availability Branch License Any person engaged in the business of offering credit availability transactions to its customers. This license should only be applied for by a company that also holds or is applying for Credit Availability Company License.
Mortgage Branch License This license is required of any office other than the main office licensed inside or outside the state of Mississippi that has direct contact with consumers regarding origination or brokering of Mississippi residential property. (More Details)
Motor Vehicle Sales Finance Branch License "Sales finance company" means a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers. The term includes but is not limited to a bank, trust company, private banker, industrial bank or investment company, if so engaged. The term also includes a retail seller engaged, in whole or in part, in the business of creating and holding retail installment contracts which exceed a total aggregate outstanding indebtedness of Five Hundred Thousand Dollars ($500,000.00). The term does not include the pledgee to whom is pledged one or more of such contracts to secure a bona fide loan thereon. SEC. 63-19-7. Requirement of license. No person shall engage in the business of a sales finance company in this state without a license therefor as provided in this chapter. However, no bank, trust company, private banker, industrial bank or investment company authorized to do business in this state shall be required to obtain a license under this chapter. They shall, however, comply with all of the other provisions of this chapter.
Pawnbroker Branch License "Pawnbroker" means any person engaged in whole or in part in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time; provided, however, that the following are exempt from the definition of "pawnbroker" and from the provisions of this act: any bank which is regulated by the State Department of Banking and Consumer Finance, the Comptroller of the Currency of the United States, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other federal or state authority and all affiliates of such bank, and additionally any bank or savings and loan association whose deposits or accounts are eligible for insurance by the Bank Insurance Fund or the Savings Association Insurance Fund or other fund administered by Federal Deposit Insurance Corporation or any successor thereto, and all affiliates of such banks and savings and loan associations, any state or federally chartered credit union and any finance company subject to licensing and regulation by the State Department of Banking and Consumer Finance. This license should only be applied for by a company that also holds or is applying for a MS Pawnbroker Company License. 75-67-321 authorizes the Department to license and regulate this activity.
Small Loan Branch License 75-67-103 (b) "Licensee" means and includes every person holding a valid license issued under the provisions of the Small Loan Privilege Tax Law [Sections 75-67-201 through 75-67-243] of this state, except those specifically exempt by the provisions of this article, who, in addition to any other rights and powers he or it might otherwise possess, shall engage in the business of lending money either directly or indirectly, to be paid back in monthly installments or other regular installments for periods of more or less than one (1) month, and whether or not the lender requires security from the borrower as indemnity for the repayment of the loan (More Details)
Title Pledge Branch License "Title pledge lender" means any person engaged in the business of making title pledge agreements with pledgors; (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of any natural person who is an employee of a licensed mortgage broker or mortgage lender assigned to one licensed location, whose conduct of the mortgage business is the responsibility of the company, and whose job responsibilities include direct contact with borrowers during the loan origination process, which may include soliciting, negotiating, acquiring, arranging or making mortgage loans for others, assisting with the preparation of loan applications or other documents, quoting loan rates or terms, or providing required disclosures. (More Details)
 

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