SB2011

Mississippi Debt Management Services Act; extend repealer on.

The Mississippi Debt Management Services Act regulates debt management services in the state. It mandates that debt management service providers file reports with the commissioner under certain conditions, such as bankruptcy or felony conviction. Providers must maintain separate escrow accounts for consumer funds and provide quarterly written reports to consumers. The act outlines enforcement actions for violations, including civil penalties and license suspension or revocation. It also specifies prohibited activities, such as purchasing debt or lending money to consumers.